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business Monday 29 august 2022
Low fuel inventories cause special concern in US Northeast

By David Sharp any problems.
Associated Press The Energy Department
(AP) — Diesel and heating also sent letters to seven
oil supplies in the Northeast major oil companies, ask-
are more than 50% below ing them to hold onto their
the recent average, rais- stocks to help offset low
ing concerns that an ex- stocks.
treme weather event could The federal agency has
cause supply disruptions, been monitoring the prob-
federal officials said. lem and is attempting to
Fuel supplies are lower than be proactive with out-
normal across the country reach. But there’s little in-
for a variety of reasons, in- centive for buyers to stock
cluding the war in Ukraine. up on high-priced fuel for
But it’s the worst in the storage because it is antici-
Northeast. pated that prices will drop,
Diesel fuel and heating oil, said Michael Ferrante, of
which comprise the dis- the Massachusetts Energy
tillate category, are 63% Marketers Association.
below the five-year aver- The fuel inventory concerns
age in New England and come against a backdrop
58% below the same aver- of Russian’s invasion of
age from Maryland to New Ukraine further shaking up
York, according to a survey an energy supply chain
by the Department of Ener- Drivers for an oil delivery company fill their trucks at the Sprague terminal, on Jan. 16, 2014, in that was seeking to catch
gy. Gasoline inventories are South Portland, Maine. up with growing demand.
not as bad, but are still at The war is causing worries
their lowest levels in nearly gions rely more on natural since most fuel consumed governors and their energy about the adequacy of
a decade along the en- gas and electricity. Also, from the Middle Atlantic directors after Labor Day to energy supplies around the
tire East Coast, the agency the National Oceanic and states to Maine comes discuss the situation. In the world.
said. Atmospheric Administra- from Gulf Coast refineries, meantime, she has urged In New England, the imme-
The Northeast is heavily tion has projected an ac- energy officials say. governors in a letter to take diate concern in the late
dependent on heating oil tive hurricane season, and Energy Secretary Jennifer whatever steps they can summer is diesel fuel, but
to keep homes warm in a powerful weather event Granholm is convening a to shore up fuel supplies in the winter heating season
the winter, while other re- could cause disruptions, meeting of New England coming weeks to prevent looms not far behind.q

Fed tackles inflation with its most diverse leadership ever

By Christopher Rugaber tory. Many are also far less ers.
Associated Press wealthy than the officials On Friday, in his speech to
(AP) — When Diane Swonk they have replaced. the Jackson Hole sympo-
first attended the Federal Over time, economists say, sium, Chair Jerome Powell
Reserve’s annual eco- a wider range of voices stressed that the Fed plans
nomic conference in Jack- will deepen the Fed’s per- further rate hikes and ex-
son Hole in the late 1990s, spective as it weighs the pects to keep its bench-
there was a happy hour for consequences of raising mark rate high until the
women who attended the or lowering rates. It may worst inflation bout in four
event. It barely filled a sin- also help diversify a profes- decades eases consider-
gle table. sion that historically hasn’t ably — even if doing so
Now, the “Women at Jack- been seen as particularly causes job losses and fi-
son Hole” happy hour welcoming to women and nancial pain for households
draws dozens of female minorities. and businesses.
economists and high-level “Broadly, that’s helpful,” Rhonda Vonshay Sharpe,
decision-makers, from the said William English, a for- an economist who is presi-
United States and overseas. mer senior economist at dent of the Women’s Insti- Lisa D. Cook, a member of the Board of Governors of the Fed-
eral Reserve System, takes a break at the central bank's annual
“I’m just glad that now the Fed who teaches at the tute for Society, Equity and symposium on Friday, August 26, 2022, at Grand Teton National
there’s a line for the ladies’ Yale School of Manage- Race, said she welcomed Park in Moran, Wyo. (AP Photo/Amber Baesler)
room,” said Swonk, a long- ment. “There’s evidence the broadening of the
time Fed watcher who is that diverse groups make Fed’s leadership. Sharpe study mathematics. The Fed’s influential seven-
chief economist for the ac- better decisions.” said she’s “hopeful that a The change at the Fed member Board of Gover-
counting giant KPMG. The central bank, as it is do- more diverse group of peo- has been a rapid one, with nors, based in Washington,
It’s not just at Jackson Hole ing now, raises its bench- ple will pay attention” to three African Americans now includes two Black
but also in the Fed’s board- mark short-term rate when what the Fed does and as- and three women having economists, Lisa Cook and
room where its leadership it wants to lower inflation, pire to high-level economic joined the central bank’s Philip Jefferson, who were
has become its most di- and reduces it when it roles. 19-member interest-rate both nominated by Presi-
verse ever. There are more wants to accelerate hiring. Colleges and universities, committee just this year. dent Joe Biden and were
female, Black and openly Such moves, in turn, affect she suggested, should do (Under the Fed’s rotating sworn in this May. They are
gay officials contributing borrowing costs through- more to encourage and system, only 12 of the 19 the third and fourth Black
to the central bank’s inter- out the economy — for prepare students for eco- committee members vote people on the board. Gov-
est-rate decisions than at mortgages, auto loans and nomic careers, including each year on its rate deci- ernors get to vote on every
any time in its 109-year his- business loans, among oth- steering more of them to sions.) Fed rate decision.q