Lates News

The U.S. Department of Energy today approved a strategic petroleum reserve (SPR) exchange with ExxonMobil to address the logistical challenges facing the company's Baton Rouge refinery crude oil transportation. Energy Secretary Wright authorized this action to ensure stable fuel supply transportation for a broader region in Louisiana and along the Gulf Coast. This measure will maintain the operational flexibility of the strategic petroleum reserve and will not impact or delay the Department of Energy's current replenishment process. Under the exchange agreement, the Department of Energy will provide up to 1 million barrels of crude oil from the SPR. This exchange will support ExxonMobil in restoring refining capacity that has been reduced due to interruptions in offshore supply. ExxonMobil will return the borrowed crude oil in full and provide additional compensation to the strategic petroleum reserve for the borrowed crude oil. The entire process will be at no cost to taxpayers.