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The US Energy Department has approved releasing oil from the Strategic Petroleum Reserve to support fuel supply stability in the Gulf Coast region.
US Energy Department approves releasing oil from the Strategic Petroleum Reserve to help maintain fuel supply in the Gulf Coast region 🛢️🌊
US Energy Department Approves Exchange From Strategic Petroleum Reserve With ExxonMobil To Address Logistical Problems Affecting Crude Oil Delivery To Baton Rouge Refinery 🚛🛢️
The US Department of Energy has authorized an exchange of up to one million barrels of crude oil from the Strategic Petroleum Reserve with Exxon Mobil Corp. to resolve logistical disruptions affecting deliveries to the company’s Baton Rouge refinery in Louisiana. The measure is intended to maintain steady fuel supplies along the Gulf Coast, where supply chains were strained by the delivery issues. Under an SPR exchange, Exxon will receive crude now and return equivalent barrels, plus a premium, at a later date.
