Historic drawdowns in petroleum and refined products resulting from the Iran conflict indicate an acute need to monitor and analyze supply and price data more closely than during normal market conditions, and to consider energy efficiency and bill payment mitigation measures. With this concern in mind, we are initiating a NASEO Petroleum Products Supply and Price Analysis and Mitigation Call Series beginning on Wednesday June 24, 4:00-5:00 p.m. ET 2026, to both inform and gain insights from State Energy Offices and our partners. You may register for the call here. Please note that attendance for the June 24 call is limited to State and Territory Energy Offices and will feature expert remarks as well as states-only discussions on pricing, messaging, and potential actions to address consumer and business price impacts.
Background
Over the past several weeks, major oil company executives have publicly urged attention to what they report as now unavoidable significant oil price increase reflecting supply tightness – at least in the near-to-mid-term. While all petroleum products would be impacted, NASEO believes it will be particularly important to focus on distillate (heating oil and diesel) supplies, global fuel flows, and the interaction of home heating oil summer fills, trucking demand, and mission critical fuel needs. In the case of distillate, the U.S. Energy Information Administration (EIA) reports that stocks are approximately 13% percent below the five-year average for this time of year, and refinery utilization overall is already at a historically high 95.3% percent.
Building a foundational understanding of dynamic petroleum supplies and flows and potential energy efficiency and fuel cost support options now will significantly aid in informing state decisions that may be needed to ameliorate potential future supply constraints and forecasted significant price impacts for home heating fuel customers, trucking, schools, and other businesses. If you have any questions or suggestions please contact Campbell Delahoyde (cdelahoyde@naseo.org).