The Biden administration is considering a release of diesel fuel from federal reserves to address skyrocketing prices and the threat of supply outages on the East Coast. Officials have drafted an emergency declaration as prices have soared to record highs in recent weeks, White House spokeswoman Emilie Simons said on Twitter on Monday. Such a declaration would allow for the quick release of some of the 1 million barrels of diesel in the Northeast Home Heating Oil Reserve “if necessary,” she said. “We’re closely monitoring challenges to diesel supply and prices as a result of Putin’s invasion,” she said, referring to the Russian war in Ukraine that has roiled global energy markets. “This would bridge short-term supply shortfalls.” U.S. average retail prices for ultra-low-sulfur diesel rose more than 37% in just 10 weeks after Russia’s invasion of Ukraine. Diesel prices have been rising around the world as economies have […]