US authorises emergency release of up to 400,000 barrels of oil from reserve
The US department of energy said on Friday it had authorised an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66’s Lake Charles refinery in Louisiana.
The SPR has already been at the lowest level since 1982, after President Donald Trump tapped it as the US war on Iran disrupted supply lines, and after his predecessor, President Joe Biden, turned to it following Russia’s full-scale invasion of Ukraine.
The Lake Charles refinery has a capacity to refine about 264,000 barrels per day.
The exchange will “help offset temporary disruptions affecting crude oil deliveries to the refinery and support continued production of transportation fuels serving Louisiana and surrounding markets,” the department said.
Phillips 66 did not immediately respond to a request for comment about why the oil is needed.
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