U.S. Taps Strategic Petroleum Reserve After Hurricane Harvey

OilPrice.com ------ U.S. Secretary of Energy Rick Perry authorized on Thursday an emergency release from the Strategic Petroleum Reserve (SPR) of 500,000 barrels of crude oil after Hurricane Harvey disrupted the petroleum industry in Texas and Louisiana, and led to motor fuel price spikes and shortages. “In response to the impacts from Hurricane Harvey, the U.S. Secretary of Energy has authorized the Strategic Petroleum Reserve (SPR) to negotiate and execute an emergency exchange agreement with the Phillips 66 Lake Charles Refinery. This decision will authorize 200,000 barrels of sweet crude oil and 300,000 barrels of sour crude oil to be drawn down from SPR’s West Hackberry site and delivered via pipeline to the Phillips 66 refinery,” DOE Spokeswoman Jess Szymanski said in the statement, which Secretary Perry tweeted. To learn more click on the picture below to read the article.