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Hassett Says Diesel Reserve Release Could Boost Economy
Developing
In Short: White House National Economic Council Director Kevin Hassett argues that releasing diesel from reserves could have a significant positive impact on the economy.
White House National Economic Council Director Kevin Hassett said Friday that the administration had been urging U.S. allies to put more refined petroleum products on the market to combat rising fuel prices.
Hassett appeared on FOX Business’ 'Varney & Co.' to discuss the administration’s economic outlook and its talks with European allies over strategic fuel reserves.
The International Energy Agency (IEA) noted that Europe’s contribution to an earlier coordinated emergency release in March primarily consisted of refined oil products.
G7 countries have agreed to coordinate the release of 100 million barrels of crude oil and refined fuel products from emergency reserves over four months, including a front-loaded substantial diesel release within the first 20 days.
The IEA also pointed out that emergency stocks can include both crude oil and refined products, depending on how individual member countries structure their reserves.
United Refining Company Chairman and CEO John Catsimatidis discussed the high gas and diesel prices on the same show.
Hassett argued that supply-side policies are boosting GDP and successfully driving down inflation.
What this adds
The G7 agreement includes a significant front-loaded release of diesel, which Hassett believes could have a 'massive positive effect' on the economy.
What's still developing
- Nothing material beyond the confirmed record.