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The White House is weighing an emergency announcement to release diesel from a seldom-used stockpile to address a severe supply shortage and price spike, Reuters reported, citing an administration official.

US President Joe Biden has said fighting inflation and high gas prices is his administration's priority ahead of the November congressional elections. Diesel is essential to the US economy. Rising diesel prices will help boost inflation, which has hit a 40-year high.

The White House is considering using the Northeast Fuel Oil Reserve, created in 2000 to deal with supply issues and used only once in 2012 after Hurricane Sandy.

The average diesel price nationwide as of Sunday was $5.56 a gallon. This is 75% more than a year ago.

The situation is even worse in the northeastern United States, where several oil refineries have closed since 2000.

The Biden administration used the nation's emergency oil reserve, called the Strategic Petroleum Reserve, to help deal with rising energy prices. It currently holds 420 million barrels of crude oil, even after recent releases.

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