Exchange with ExxonMobil seeks to stabilize fuel availability amid refinery slowdown
The U.S. Department of Energy (DOE) recently approved the temporary exchange of up to 1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to ExxonMobil, following supply disruptions affecting the company’s Baton Rouge refinery. The exchange, authorized by Energy Secretary Chris Wright, is intended to stabilize the production and distribution of transportation fuels across Louisiana and the Gulf Coast region. ExxonMobil will return the borrowed crude along with additional barrels at a later date, ensuring no cost to taxpayers and no impact on the department’s ongoing efforts to replenish the reserve.
The Energy Department highlighted that this move preserves the SPR’s operational flexibility and supports regional fuel availability during high-demand periods. The action falls under the Energy Policy and Conservation Act, which allows for emergency exchanges during supply disruptions. Past exchanges have addressed similar challenges, such as the Keystone Pipeline outage in 2022. The department continues to work with energy partners to maintain supply chain stability while advancing its broader energy security goals.
As the Lord Leads, Pray with Us…
- For Secretary Wright to be led by the Lord as he manages the Department of Energy.
- For U.S. energy officials to be discerning as they assess the Strategic Petroleum Reserve and endeavor to replenish it.
Sources: Department of Energy
