Tags: Sandy | oil | reserve | Superstorm

Superstorm Sandy Spurs 1 Million Barrel Gasoline Reserve

Friday, 02 May 2014 12:12 PM

The U.S. Energy Department said it will create a new reserve to stockpile 1 million barrels of gasoline at two Northeast U.S. locations to prevent the type of shortages that occurred after Superstorm Sandy in 2012.

The refined petroleum product reserve will provide gasoline within 24 hours of extreme weather events such as hurricanes, tidal surges and snow and icing conditions, Energy Secretary Ernest Moniz said today on a conference call with reporters. Damage to refineries and storage terminals after Superstorm Sandy left many New York and New Jersey gas stations without fuel for as long as 30 days.

The reserve is expected to cost $200 million depending on the price of gasoline and the cost of leasing commercial storage tanks. The two locations, one near New York Harbor and the other in Boston, are designed to provide short-term relief to consumers, businesses and first responders.

“The president’s climate-action plan called on Department of Energy to better prepare for the effects of climate change,” Moniz said. “This reserve is a step toward preventing another Sandy situation with regard to fuel.”

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
The U.S. Energy Department said it will create a new reserve to stockpile 1 million barrels of gasoline at two Northeast U.S. locations to prevent the type of shortages that occurred after Superstorm Sandy in 2012.
Sandy, oil, reserve, Superstorm
180
2014-12-02
Friday, 02 May 2014 12:12 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved