The Department of Energy (DOE) has authorized the release of crude oil from the United States’ Strategic Petroleum Reserve (SPR) to ExxonMobil Corporation to help maintain fuel supply stability in the Gulf Coast, the agency said in a July 11 statement.
Exxon is facing logistical challenges regarding crude oil deliveries to its Baton Rouge refinery in Louisiana. Specifically, “an oil supply disruption has led to reduced operations at the Baton Rouge refinery, limiting production of transportation fuels,” the DOE said.
“Under the exchange agreement, DOE will provide up to one million barrels of crude oil from the SPR,” it added. “The exchange will support ExxonMobil’s restoration of refinery operations that were reduced due to an offshore supply disruption.”…