WASHINGTON, Sept. 9 (Reuters) – The US Department of Energy on Thursday announced it had approved a second loan of 1.5 million barrels of oil to Exxon Mobil Corp (XOM.N) from the Strategic Petroleum Reserve (SPR ) after the damage caused by Hurricane Ida. offshore oil production.
“The ability of the SPR to conduct exchanges is a critical tool available to refiners to strengthen the fuel supply chain and mitigate disruption following emergencies, such as Hurricane Ida,” the department said on its website after authorizing the additional loan to the Exxon refinery in Baton Rouge.
Exxon transports the oil to the refinery at 520,000 barrels per day, “which will help us fully restore normal operations and continue to provide fuel to the affected area,” said Julie King, a spokesperson for the company. The factory resumed normal operations earlier today.
The Department of Energy has now authorized loans totaling 3.3 million barrels to help refiners cope with the oil shortage from the US Gulf.
Last Thursday, U.S. Energy Secretary Jennifer Granholm authorized Exxon’s first Baton Rouge loan. That day, it also loaned 300,000 barrels of oil to the Placid Refining Company LLC refinery near Baton Rouge. Read more
Three-quarters of U.S. oil production in the Gulf of Mexico remains offline after Ida made landfall more than a week ago. Ida was one of the worst hurricanes for oil producers since the back-to-back storms of 2005.
Royal Dutch Shell Plc (RDSa.L), the largest Gulf of Mexico oil producer in the United States, on Thursday canceled some export shipments due to Ida’s damage to offshore facilities, reporting losses of energy would go on for weeks.
Power outages at onshore processing and pipeline facilities have prevented some of the crude from reaching shore, which has supported oil prices since last week.
The SPR had 621.3 million barrels of crude in stock last week, according to the Energy Department, the lowest since August 2003.
SPR has four major storage facilities, two in Texas and two in Louisiana, to deliver crude to neighboring refineries for fuel production. It was developed in the 1970s after the Arab oil embargo pushed up gasoline prices, but has been in operation recently after unusual fuel disruptions like hurricanes.
Reporting by Timothy Gardner; Editing by Sandra Maler, Chris Reese and Himani Sarkar
Our Standards: The Thomson Reuters Trust Principles.
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]