The East Coast which normally has around 62 million barrels of diesel stored during the month of May, reported under
Since the start of 2022, the American trucking industry has seen a sharp increase in diesel prices, which has caused a bit of stress for the $800 billion industry. The price of diesel has reached a record high of $5.62 per gallon. On the East Coast, it’s reached $5.90, which is up 63% from January 2022.
OPIS’ global head of energy analysis, Tom Kloza, elaborated on the difficulty and financial risk of bringing diesel to the Northeast, which is being hit the hardest by the shortage.Most of the diesel that makes it to the Northeast comes from the Gulf region via the Colonial Pipeline, a 5,500-mile pipeline that was shut down by a ransomware attack for over one week last year. Kloza pointed out that it takes 18 days for oil to travel through the pipeline from Houston to Linden, NJ.
Other contributing factors to the problem include the East Coast having lost over half of its refineries, the Covid-19 pandemic, and the crisis in Ukraine. What I didn’t really see the article mention were possible solutions that could help the trucking industry as well as the Northeast. One critical solution is switching from diesel vehicles to electric vehicles.
Although buses and vans are not the focal points here, switching diesel buses would be very helpful and is easier than transitioning long-haul, heavy-duty trucks. Electric vehicles are becoming more and more mainstream, and although Tesla is well known in the industry, what isn’t talked about enough are theElectric vehicles are less costly to own and maintain than diesel or gasoline vehicles.
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