Breaking
US Energy Department Approves Emergency Supply of Up to 400,000 SPR Barrels
Minseung Kang
Summary
- The US Department of Energy approved an emergency supply of up to 400,000 barrels from the Strategic Petroleum Reserve (SPR) to respond to a crude supply disruption at a Louisiana refinery.
- The supply is intended to address a crude supply disruption at the Lake Charles refinery in Louisiana.
- The US government said the move would be carried out as an emergency exchange, not a sale, with crude provided to the refiner first and returned later.
The US government will provide up to 400,000 barrels of crude from the Strategic Petroleum Reserve on an emergency basis to address a supply disruption at a Louisiana refinery.
Walter Bloomberg, which tracks global economic news flashes, reported on October 23 that the US Department of Energy approved a swap arrangement to supply as much as 400,000 barrels of crude from the SPR to Phillips 66's Lake Charles refinery in Louisiana following the disruption.
The move is not a sale from the reserve. Instead, it is an emergency exchange under which crude is provided to the refiner first and returned later.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.