Today, U.S. Secretary of Energy Jennifer M. Granholm authorized the Strategic Petroleum Reserve (SPR) to conduct an exchange of 1,800,000 barrels of crude oil from the SPR. This exchange is being made to address potential supply disruptions to areas affected by the temporary shutdown of the Keystone pipeline, which was caused by a leak in the pipeline, and mitigate refinery run cuts.

The SPR entered into exchange agreements with ExxonMobil for 1,200,000 barrels and Phillips 66 for 600,000 barrels.

The U.S. Department of Energy (DOE) encourages refiners to prioritize refined products, including heating oil for the Northeast region of the United States, and remains committed to supporting those efforts.

The SPR’s ability to conduct exchanges is a critical tool available to refiners during emergencies like pipeline shutdowns and other disruptions such as hurricanes. For more information on SPR exchanges, please click here.

Original source can be found here