US loans Placid Refining 300,000 barrels of SPR oil

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A maze of pipes and valves for crude oil is captured during a DOE visit to a strategic oil reserve in Freeport, Texas, USA on June 9, 2016. REUTERS / Richard Carson

WASHINGTON, September 3 (Reuters) – The US Department of Energy said Friday that it has authorized the exchange of 300,000 barrels of crude oil from the Strategic Oil Reserve to help Louisiana, still plagued by Hurricane Ida, manage fuel supplies.

The department authorized SPR to exchange 300,000 barrels of crude oil from the Bayou Choctaw storage facility for the Placid Refining Company LLC near Baton Rouge, Louisiana, the Department of Energy said in a statement.

Placid would later have to return the oil to the reserve with the interest normally paid by oil.

This was the second exchange since Hurricane Ida. crushed Louisiana leaves four major refineries in the state closed on Sunday.

President Joe Biden, seeking to allay fears of fuel shortages in the region, on Thursday authorized the ministry to lend Exxon Mobil 1.5 million barrels of crude oil. (XOM.N) Refinery Baton Rouge for the production of gasoline. More details

Reporting by Doina Chiaku and Timothy Gardner; Edited by Chris Rees and Sandra Mahler

Our standards: Thomson Reuters Trust Principles.

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