Word: diesel
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...Most of the lecturing will come from the European Community countries, who can boast that they are successfully shaving their own reliance on OPEC oil by nearly one-tenth. Another irritant is the Administration's recent decision to subsidize the import of such middle-distillate petroleum products as diesel fuel and heating oil,* which the Europeans see as a hasty overreaction that sets a dangerous precedent. Said one U.S. official: "I haven't seen the Europeans so mad since we cut off their soybean supplies...
...again as if the world's most powerful nation-and premier petro-pig-was trying to push its energy agonies off on its allies. At issue was the Carter Administration's quiet announcement three weeks ago of a "temporary" U.S. subsidy of $5 per bbl. on imported diesel oil for trucks and tractors and heating oil for homes, factories and office buildings...
...called distillate fuels are dangerously low, down some 15% from a year ago, and they will not be replenished quickly because the Administration is urging oil companies to step up their refinery runs of gasoline instead. The $5 subsidy is supposed to help ease the pinch by boosting diesel and heating oil imports from refineries in the Caribbean. Yet Europeans are every bit as dependent on scarce supplies of diesel and heating oil as Americans are, and they too get deliveries from the Caribbean refineries. The Carter Administration claims that the Europeans' panicky, pay-any-price mentality has lured...
...fine tuning seems momentarily to be replenishing crude-oil stocks largely because the Administration is now urging oil companies to go out and buy whatever crude they can acquire on the world market. Diesel fuel and heating oil remain critical problems. Diesel is still generally available to farmers and truckers, though at prices that brought a column of truckers to Washington last week to double-park their rigs in front of the White House in protest. But heating-oil stocks have dwindled to only about 85% of last year's levels, and they must be rebuilt by autumn...
...only 3% to 4% below 1978, and might equal last year's level. That would still leave a shortage, since some 3% more cars, trucks and buses are roaming the open road now than a year ago. But the most pressing problem may be shifting from gas to diesel fuel. Oil companies are dribbling out to distributors only 55% to 85% as much diesel fuel as a year ago. Aviation fuel supply is also tight...