Today, the U.S. Department of Energy (DOE) approved a third exchange of two million barrels of crude oil for release to ExxonMobil from the Strategic Petroleum Reserve (SPR). This release falls under the authorization published in the DOE announcement on November 23, 2021.
Combined, DOE has provided over seven million barrels of SPR crude oil to boost the nation’s fuel supply, including the two previous exchanges awarded earlier in the month. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.
Additional information about SPR exchanges can be found here. Those interested in receiving future announcements from DOE’s Office of Fossil Energy and Carbon Management can sign up here.
