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DOE taps Northeast heating oil reserve to ease New England prices
Fox Business • • business
Key Points:
- The U.S. Department of Energy (DOE) plans to loan up to 315,000 barrels—about one-third—of the Northeast Home Heating Oil Reserve to ease consumer price pressures amid global energy supply constraints.
- Borrowers must return the loaned volume plus a premium by the 2027-28 heating season, ensuring the reserve is replenished after the 2026-27 winter.
- The release aims to increase home heating oil supply in New England by 13%, addressing a 70% price rise over the past year, with support from Senators Susan Collins and Angus King of Maine.
- The DOE will complete releases by November 13 from storage sites in Boston, South Portland, and New Haven, with a competitive bidding process open to fuel retailers and terminal holders.
- Energy Secretary Chris Wright emphasized this as a temporary measure and encouraged investment in natural gas infrastructure to reduce long-term heating costs in the Northeast.
