The US will release up to 400 thousand barrels of oil from the strategic reserve

The U.S. Department of Energy has authorized the release of up to 400,000 barrels of oil from the Strategic Petroleum Reserve to address supply disruptions at the Phillips 66 refinery in Louisiana.

This was stated in a release by the U.S. Department of Energy.

According to the statement, the oil will be provided to the Lake Charles refinery from the West Hackberry strategic storage facility in Louisiana for immediate delivery.

The transfer of crude will be carried out on an exchange basis. Phillips 66 is required to return the received oil with an additional premium, which will allow the Strategic Reserve to be replenished at no additional cost to taxpayers.

U.S. Deputy Secretary of Energy Kyle Houstwait stated that this measure will help maintain the refinery's operations, ensure fuel supply stability, and mitigate the consequences of temporary disruptions in crude delivery.