Senator Collins Applauds G7 Release of Diesel and Crude Oil

Release of diesel, which can also be used for home heating, and crude oil will put immediate downward pressure on prices over the next four months.

WASHINGTON, D.C. - Today, U.S. Senator Susan Collins issued the following statement after Secretary of Energy Chris Wright called to inform her that the Group of Seven (G7) European nations-France, Germany, Italy, and the United Kingdom-have agreed to collectively release 50 million barrels of diesel and 50 million barrels of crude oil over the next four months:

"Secretary Wright called me today to share this welcome news following our frequent conversations about the harmful effects that escalating home heating oil prices are having on Maine families. I applaud this announcement, which will increase the supply of diesel, which can also be used to heat homes this winter, and crude oil, putting immediate downward pressure on energy prices and helping to lower the cost of producing and transporting goods.

"Approximately half of Maine households rely on fuel oil to heat their homes. That is why I have repeatedly urged the Administration to use every tool available to increase supply and bring down energy costs. Today's agreement from the G7 European nations will help provide much-needed relief to Maine families this winter."

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Last month, Senator Collins and Senator Angus King urged President Trump to release home heating oil from the Northeast Home Heating Oil Reserve to help protect Mainers from rising costs. In their letter to the President, the Senators noted that heating oil prices in Maine had increased by 74 percent compared to the previous year, adding approximately $675 to the cost of filling a standard heating oil tank. Senator Collins has also raised the issue of escalating home heating oil prices directly with Secretary Wright in multiple conversations.

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