Billionaire refinery and fuel station owner John Catsimatidis warned that the East Coast might experience diesel shortages this summer as inventories hit multi-decade lows and refining capacity slumps.
“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer.
“Right now, inventories are low, and we may see a shortage in coming months,” Catsimatidis, CEO of United Refining Co., told Bloomberg.
Catsimatidis’ warning comes as East Coast diesel inventories have fallen to the lowest levels since 1990. National stocks are around a two-decade low.
Diesel prices have risen for the past 17 days and hit a new record of $5.557
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