The U.S Department of Energy (DOE) recently announced that it has finally approved SPR exchange. The Strategic Petroleum Reserve (SPR) has received approval from the DOE to smoothly execute transfer of 300,000 barrels of oil.
SPR will smoothen out the exchange oil with Placid Refining Company LLC. SPR will drive the exchange from the Bayou Choctaw storage site which will deliver the barrels to the refinery. has granted authorization owing to the recent challenges caused by Hurricane Ida. The exchange will allow the affected regions with easy, and quicker access to fuel. The announcement notes DOE support to the communities in recovery activities.
SPR’s expertise, and capabilities to monitor and execute exchanges is a tool that refiners can effectively use in case of emergencies such as the Hurricane Ida, the DOE stated. Last week, approved SPR to exercise exchange with ExxonMobil Baton Rouge. This helped ease logistical concerns associated with transporting crude oil to the affected areas. SPR’s plans to deliver oil to ExxonMobil resulted in release of 1.5 barrels.SPR is currently a global leader observed as the largest supply of emergency crude oil worldwide. the establishment was set-up with the primary aim of alleviating the impact of disruption in petroleum supplies.