Approves 13.4 million barrels from reserve exchange.
The Department of Energy approved additional exchanges of 13.4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) last week. Seven petroleum companies were awarded the exchange contracts under the department’s release of crude oil from November 2021.
The Energy Department release stated, “Combined, DOE has provided nearly 40 million barrels of SPR crude oil to boost the nation’s fuel supply, including five previous exchanges. This is the second-largest crude oil exchange in U.S. history, with the first being the 2000 Heating Oil Exchange. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.”
As the Lord Leads, Pray with Us…
- For the president to seek God’s wisdom.
- For the Lord’s will to be accomplished.
Sources: AP, NPR
