CEO of United Refining Co., John Catsimatidis said Wednesday the East Coast may experience diesel rationing and shortages this summer. “Drivers will pay the highest gasoline prices ever paid for Memorial Day,” Catsimatidis said.
“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer,” said Catsimatidis during a phone interview, the outlet reported. “Right now inventories are low and we may see a shortage in coming months.”
National inventory levels are reportedly at a 17-year low after President Joe Biden’s ban on Russian oil imports in March. Fuel stockpiles on the East Coast, however, have reached their lowest in 32 years, according to the outlet.