The participating companies will replace the crude oil next year with more than they borrowed.
The U.S. Department of Energy announced an emergency exchange from the Strategic Petroleum Reserve (SPR) to address supply chain disruptions from Hurricane Isaias along the Gulf Coast. The authorization allows participating companies to borrow up to 4 million barrels of crude oil that they will return along with additional premium barrels in 2027.
Secretary Wright stated, “With this emergency exchange, the Energy Department is acting swiftly to help maintain refinery operations, limit disruptions to fuel supplies, and ensure American families and businesses continue to have access to affordable, reliable, and secure energy.”
“In addition to helping minimize supply disruptions, these emergency exchanges will also require Exxon and BP to return more barrels to the Reserve than are currently being withdrawn, saving taxpayers millions of dollars,“ the energy secretary continued. “Rest assured, the Trump Administration is committed to strengthening America’s energy security at every opportunity.”
As the Lord Leads, Pray with Us…
- For Secretary Wright to be led by the Lord as he heads the Energy Department and seeks to support the supply chain.
- For U.S. energy officials as they consider the best options to replenish the Strategic Petroleum Reserve.
- For the Gulf States as they recover from the recent hurricane and the supply disruptions it caused.
Sources: Department of Energy
