Authored by Jack Phillips via The Epoch Times,
The U.S. Department of Energy has announced it will offer a heating oil exchange in a bid to lower costs ahead of the winter as the war in Iran continues.
In a statement released on Wednesday, the department announced a proposal request for an exchange of up to 315,000 barrels of ultra-low sulfur distillate, a refined oil product used for home heating. Ultra-low sulfur distillate uses the same specification as most types of diesel, which has experienced high prices in recent days.
"This solicitation is structured to mitigate supply chain challenges disrupting fuel oil supply," the department said, adding the move is designed to keep the Northeast Home Heating Oil Reserve stocked ahead of the winter months.
"The Trump administration is committed to doing everything in our power to lower energy costs for the American people," said U.S. Secretary of Energy Chris Wright said in a statement.
According to the Energy Department, the terms of the exchange mean that borrowing companies have to "return the same volume of fuel oil" and include a premium back to the Northeast Home Heating Oil Reserve.
After receiving letters from the two Maine U.S. senators, Wright said he then directed his agency to exchange barrels of fuel from the oil reserve to mitigate high heating oil costs.
"Of course, this is a temporary measure to solve a temporary supply disruption. I encourage the governors of New York
