DOE Announces Loans of Oil from Strategic Petroleum Reserve

Washington, DC – U.S. Department of Energy Secretary Samuel Bodman announced today that DOE has approved two loan requests totaling 750,000 barrels of crude oil from the Strategic Petroleum Reserve to two Louisiana refineries. The refineries were not receiving scheduled shipments of crude oil because of the closure of the Calcasieu Ship Channel.

"The Strategic Petroleum Reserve is a national asset that can be used in times of supply disruption. This loan will allow these two refineries to continue operations and help us maintain our nation’s supply of gasoline leading into the holiday weekend," Secretary Bodman said.

Secretary Bodman approved the loan of 500,000 barrels of West Hackberry sour crude oil to ConocoPhillips for its Westlake refinery. He also approved the loan of 250,000 barrels of West Hackberry sour crude to Citgo for its Lake Charles refinery.

Terms of the loans keep with President Bush's directive to defer SPR loan repayments until after the end of summer.

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For more information, contact: Craig Stevens, DOE Office of Public Affairs, 202-586-4940