US authorizes emergency release of up to 400,000 oil barrels from strategic reserve
PSX•The US Department of Energy authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66's Lake Charles refinery in Louisiana. The refinery can process about 264,000 barrels per day.
1. Emergency oil exchange
The US Department of Energy said it authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66's Lake Charles refinery in Louisiana. The department said the exchange would help offset temporary disruptions to crude deliveries and support production of transportation fuels for Louisiana and surrounding markets.
2. Reserve and refinery details
The Strategic Petroleum Reserve is at its lowest level since 1982, after President Donald Trump tapped it as the US war on Iran disrupted supply lines and former President Joe Biden used it following Russia's invasion of Ukraine. The Lake Charles refinery has capacity to process about 264,000 barrels per day. Phillips 66 did not immediately respond to a request for comment about why the oil is needed.
