Exxon Mobil Corp. has been granted permission to receive petroleum from the Strategic Petroleum Reserve in order to restart gasoline production during the closure of the Gulf of Mexico oil sector.
A total of 1.5 million barrels of fuel would be sent to the refinery in Baton Rouge by the DOE, according to the DOE’s announcement. It’s like giving Exxon a loan: the agency would give the crude oil to fulfill an emergency demand, and Exxon would replenish the same amount of oil plus premium barrels in two or three months, according to a press release.
Ida closed or decreased 12 percent of the country’s oil processing capacity. In spite of the electricity being restored, refineries are still struggling to operate, but obtaining crude supplies is still challenging due to the extensive damage to oil pipelines.Average regular unleaded prices in the United States climbed a penny on Thursday to $3.18 a gallon. That’s a penny less than the summer’s high of $3.19 recorded in early August.