WASHINGTON: The Biden administration is ready to tap into the United States’ national diesel reserves to tame soaring prices amid a supply crunch, a White House spokeswoman said Monday.
The Russian war against Ukraine and ensuing economic sanctions against Moscow have caused fuel prices to soar around the world.
The issue, along with rising inflation, is a major challenge for President Joe Biden and his Democratic administration ahead of midterm elections in November.
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“We’re closely monitoring challenges to diesel supply and prices as a result of (President) Putin’s invasion” of Ukraine, White House press secretary Emilie Simons wrote on Twitter.
“An emergency declaration has been prepared for @POTUS to authorize a release from reserves if necessary.”
In the United States, the average price for diesel, an essential fuel for agriculture and transport companies, jumped over nine percent over the past month and as much as 75 percent, year on year.