U.S. releases oil from strategic reserve in Harvey’s wake

1 Sep 2017   USA

The U.S. Energy Department on Thursday released 1 million barrels of oil from the Strategic Petroleum Reserve and a White House adviser said more could flow after Tropical Storm Harvey inundated Gulf Coast refineries and drove up motor fuel prices. In the first tapping of the reserve for an emergency since Hurricane Isaac in 2012, two emergency exchanges of oil of 500,000 barrels will be delivered to the Phillips 66 ( PSX.N ) refinery in Lake Charles, Louisiana, the department said. That plant has not been hit by Harvey, which hammered Houston and the Gulf Coast with catastrophic flooding and shut about a quarter of U.S. refinery capacity. The release of 1 million barrels is small compared with U.S. demand of nearly 20 million barrels per day. The move did not halt rapidly rising gasoline prices, which surged more than 13 percent on Thursday to a […]

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