Low fuel supplies in the U.S. Northeast are raising concerns that an extreme weather event could cause supply disruptions
FILE - Drivers for an oil delivery company fill their trucks at the Sprague terminal, on Jan. 16, 2014, in South Portland, Maine. Diesel and heating oil supplies in the Northeast are more than 50% below the recent average, raising concerns that an extreme weather event could cause supply disruptions, federal officials said.
The Northeast is heavily dependent on heating oil to keep homes warm in the winter, while other regions rely more on natural gas and electricity. Also, the National Oceanic and Atmospheric Administration has projected an active hurricane season, and a powerful weather event could cause disruptions, since most fuel consumed from the Middle Atlantic states to Maine comes from Gulf Coast refineries, energy officials say.
The federal agency has been monitoring the problem and is attempting to be proactive with outreach. But there's little incentive for buyers to stock up on high-priced fuel for storage because it is anticipated that prices will drop, said Michael Ferrante, of the Massachusetts Energy Marketers Association.
Maine Gov. Janet Mills, a Democrat, has urged the Energy Department to expedite its meeting with governors to talk about maintaining a stable heating oil supply.
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