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US awards 13.4m barrels of crude oil from emergency stockpile

1 year ago
in crude
US awards 13.4m barrels of crude oil from emergency stockpile
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The US Department of Energy (DOE) has awarded 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to address the high oil prices.

The SPR is an emergency stockpile of petroleum in underground salt caverns at four major storage facilities in the Gulf Coast region of the US – two in Texas and two in Louisiana.

It was created in 1975 after the Arab oil embargo spiked gas prices and damaged the US economy.

The DOE has approved seven additional exchanges of the crude oil for release from the SPR, with exchange contracts awarded to Shell Trading US Company, Trafigura Trading, Phillips 66 Company, Macquarie Commodities Trading, Chevron USA, ExxonMobil Oil Corporation and BP Products North America.

Over the last two months, the Biden Administration has approved the release of 40 million barrels of SPR crude oil, with the latest being the second largest crude oil exchange in US history.

As with all exchanges, companies that receive SPR crude oil through the exchange must agree to return the amount received, as well as an additional amount, depending on the length of time in which they hold the oil.

If you enjoyed this story you can sign up to our weekly email for Energy Live News – and if you’re interested in hearing more about the journey to net zero by 2050, you can also sign up to the future Net Zero newsletter. 





www.energylivenews.com

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