{"id":1717550,"date":"2022-10-31T06:06:10","date_gmt":"2022-10-31T10:06:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1717550"},"modified":"2022-10-31T06:21:14","modified_gmt":"2022-10-31T10:21:14","slug":"diesel-market-to-stay-tight-into-winter-chevron-chairman","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/diesel-market-to-stay-tight-into-winter-chevron-chairman\/","title":{"rendered":"Diesel Market to Stay Tight Into Winter: Chevron Chairman"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdiesel-market-to-stay-tight-into-winter-chevron-chairman%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1717550&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The <a href=\"https:\/\/www.theepochtimes.com\/t-diesel\">diesel<\/a> market will stay tight into the winter, <a href=\"https:\/\/www.theepochtimes.com\/t-chevron\">Chevron<\/a> Chairman and CEO Michael Wirth warned.<\/p>\n<p>\u201cMarkets are tight right now. Diesel, in particular, as we\u2019ve seen here recently and likely to stay that way through the winter, I think,\u201d he said during the third quarter earnings call.<\/p>\n<p>With the\u00a0ban on some Russian imports going into effect in the first quarter of 2023, the situation could become worse.<\/p>\n<p>The ban will drive Russian energy products to reach farther markets with increased costs and logistics, he said.<\/p>\n<p>Data collected by the Energy Information Administration (EIA) shows that diesel stockpiles are at their lowest level for October in records that date back to 2008.<\/p>\n<p>The weekly data shows that the United States, as of Oct. 21, has 25.9 days of supply\u2014down from 34.2 days of supply five weeks prior.<\/p>\n<p>National Economic Council Director Brian Deese, a top adviser to President Joe Biden, told Bloomberg News last week that current diesel levels are \u201cunacceptably\u201d low and that \u201call options are on the table\u201d to increase supplies.<\/p>\n<p>Diesel prices are usually half a dollar higher than gas prices. However, the diesel market seems to have become tighter than the gasoline market since the beginning of this year.<\/p>\n<p>The price difference between diesel and gas increased from about half a dollar to over $1.70 since January.<\/p>\n<h2>Diesel Playing Role of Gas<\/h2>\n<p>Two reasons caused the tight diesel market, Senior Vice President of the American Energy Alliance Dan Kish told The Epoch Times.<\/p>\n<p>Consumers chose to travel less for shopping because of high gas prices, which drove up the demand for diesel-fueled transportation and diesel prices.<\/p>\n<p>\u201cA lot of people got priced out of gasoline or they\u2019re just not driving as much because it\u2019s more expensive. But they still need to get goods and instead of going into the grocery stores to buy things, they have them delivered. That increases demand for diesel,\u201d he said.<\/p>\n<figure id=\"attachment_1003788\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2014\/10\/07\/18ac8b3370a4d527610f6a70670024e3-1200x836.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-full wp-image-1003788\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/18ac8b3370a4d527610f6a70670024e3-scaled.jpg\" alt=\"Epoch Times Photo\" width=\"3266\" height=\"2274\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1003788\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/18ac8b3370a4d527610f6a70670024e3-scaled.jpg\" alt=\"Epoch Times Photo\" width=\"3266\" height=\"2274\" \/><\/noscript><\/figcaption><\/a> Denver Walker, of Somerset Fuels, makes a heating oil delivery to a home in Jenner Crossroads, Pa., on Jan. 7, 2014. (John Rucosky\/AP Photo via Tribune-Democrat)<\/figure>\n<p>Meanwhile, the refining capacity for distillate\u2014including diesel, jet fuel, kerosene, heating oil, and fuel for ships\u2014is dropping because more refineries are closing.<\/p>\n<p>Oil companies are also investing more in biodiesel refining and reassigning their diesel refining capacities.<\/p>\n<p>Kish is also expecting the coming winter to be harsh for Northeasterners who rely on heating oil.<\/p>\n<p>\u201cWinter is going to be very tough, especially for the Northeast,\u201d he warned.<\/p>\n<p>During the White House press briefing on Wednesday, John Kirby, National Security Council coordinator for strategic communications, didn\u2019t answer a question about how to increase the supply of diesel in the United States.<\/p>\n<p>The Biden administration is doing whatever it can to help European people who will face \u201ca long, cold winter,\u201d he said.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-ming-zhong\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_AllenZhong.jpg\" alt=\"Allen Zhong\" \/><\/a><\/p>\n<div class=\"names\">\n<p>senior writer<\/p>\n<\/div>\n<p>Follow<\/p>\n<\/div>\n<p>Allen Zhong is a long-time writer and reporter for The Epoch Times. He joined the Epoch Media Group in 2012. His main focus is on U.S. politics. Send him your story ideas: allen.zhong@epochtimes.nyc<\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The diesel market will stay tight into the winter, Chevron Chairman and CEO Michael Wirth warned.\u201cMarkets are tight right now. Diesel, in particular, as we\u2019ve seen here recently and likely<\/p>\n","protected":false},"author":1,"featured_media":1717553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1717550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1717550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1717550"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1717550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1717553"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1717550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1717550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1717550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}