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US East Coast To Be At Risk Of Gasoline Shortage This Summer

OIL PRODUCTS

Much of the US East Coast is at risk of a gasoline shortage this summer as the EU ban of Russian oil products threatens to limit transatlantic supplies of which the US relies on during peak driving season according to Bloomberg.

  • Seasonal gasoline stockpiles already are at the lowest in about a decade, and heavy winter maintenance at refineries may further trim inventories.
  • Pump prices have been further rising and are now at $3.509/gal on Monday, compared with $3.446/gal a week earlier according to AAA.
  • The US will need to source alternative supplies either from its Gulf Coast supplies into storage and blending facilities and then export from there to the East Coast or it could draw more supply from Asia and the Middle East, which will not provide relief for prices amid the lengthy journey and high shipping costs.

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