Issued on: September 19, 2005
DOE Announces Additional Loan of Oil From Strategic Petroleum Reserve
Oil Exchange is 7th Following Katrina Disruption
Washington, DC, Sept. 19 – The Department of Energy has approved a seventh loan request for crude oil from the Strategic Petroleum Reserve (SPR). Today’s agreement with Total Petrochemicals USA, Inc. for 600,000 barrels of sour crude takes the total loaned volume to 13.2 million barrels.
|
|
| MORE INFO |
- Additional SPR oil is slated for release as a result of a competitive sale. > Read More
| | Secretary of Energy Samuel Bodman committed on September 1, 2005, when the first oil loan was approved, to continue to consider requests from refiners whose sources of supply were disrupted as a result of Hurricane Katrina.
Total Petrochemicals has requested an additional 600,000 barrels because the company determined the continued interruption of production in the Gulf of Mexico will leave it short of crude oil for maximum runs during October. The oil will be loaned from the SPR under short-term contractual agreements and returned once supply conditions are normal.
A summary of oil exchanges from the Strategic Petroleum Reserve to date is shown below.
-End of Techline -
For more information, contact: |
- Craig Stevens, DOE Office of Public Affairs, 202-586-4940
| |
Summary of SPR Exchanges (as of September 19, 2005):
|
DOE has negotiated seven exchange contracts for a
total of 13.2 million barrels with the following: |
|
Total Petrochemicals |
Contract |
600,000 bbls |
|
Contract |
600,000 bbls |
|
ExxonMobil |
Contract |
6,000,000 bbls |
|
Valero |
Contract |
1,500,000 bbls |
|
Marathon |
Contract |
1,500,000 bbls |
|
Placid |
Contract |
1,000,000 bbls |
|
BP |
Contract |
2,000,000 bbls |
Deliveries as of September 19 totaled 3.4 million barrels.
|
