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US Releases Heating Oil Reserves for First Time Ever

CNBC.com
Friday, 2 Nov 2012 | 5:42 PM ET

The Energy Department will release fuel from the northeast heating oil reserve to help in the Hurricane Sandy recovery efforts.

Brendan Smialowski | AFP | Getty Images

This release includes diesel fuel for emergency equipment and buildings, including electrical generators, water pumps, GSA buildings, trucks and other vehicles.

"Today's announcement is part of the broader federal effort to respond to those impacted by Hurricane Sandy," said Energy Secretary Steven Chu. "This loan from the Northeast Home Heating Oil Reserve will help ensure state, local and federal responders in the impacted area have access to the diesel fuel they need to continue response and recovery efforts."

This is the first time fuel has been released from the heating oil reserve.

(Read More: Scenes From Hurricane Sandy.)

DOE to Release Emergency Heating Oil
CNBC's Eamon Javers reports the energy department will release emergency diesel and heating oil from Connecticut this Saturday to aid first responders and residents dealing with the damage from Super Storm Sandy.

Two million gallons of fuel will be released initially, but the Energy Department will make more available additional as needed.

The Northeast Home Heating Oil Reserve was created in 2000 as a component of the Strategic Petroleum Reserve to respond to emergencies and disruptions in the home heating oil market.

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Check heating-oil futures activity here.

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