As per reports, U.S. is granting a second refiner in Louisiana access to the country’s emergency crude stockpiles. Placid Refining Co. will receive 300,000 barrels of crude from the Strategic Petroleum Reserve, as many oil-producing platforms in the Gulf of Mexico remain offline after the region has been hit by Hurricane Ida. Earlier, 1.5 million was granted to Exxon Mobil Corp. The so-called exchanges require the companies to pay back in kind within two to three months, plus some extra barrels.
President, Joe Biden assured that it would use all means at its disposal to increase the availability of gasoline and reduce pressure on prices at the pump. Louisiana is struggling with fuel shortages that are impeding relief efforts while increasing gasoline prices across the country. The government-run supply of emergency crude was established in the 1970s, after the aftermath of the Arab oil embargo, and stored deep underground in salt caverns along the Gulf Coast.
Placid will use the crude for its 75,000-barrels-a-day refinery near Baton Rouge, which is among the fuel-making plants that have restarted operations. Exxon will use it at its nearby facility. Around 12% of the nation’s crude processing capacity was shut or reduced ahead of Hurricane Ida.
Exxon Mobil (XOM) Corporation is a global oil and natural gas company, founded in 1870 and headquartered in Irving Texas, Exxon Mobil explores for and produces crude oil and natural gas, manufacture and markets commodity petrochemicals, and transports and sells crude oil, natural gas, and petroleum. To learn more about ExxonMobil Corporation (XOM) and to continue to track its progress please visit the Vista Partners ExxonMobil Corp. Page.
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