WASHINGTON, D.C. — The U.S. Department of Energy (DOE) has approved a twelfth exchange of 2,700,000 barrels of crude oil for release to ExxonMobil from the Strategic Petroleum Reserve (SPR). This release falls under the authorization published in the DOE announcement on November 23, 2021.
Combined, DOE has provided 24.4 million barrels of SPR crude oil available for exchange to boost the nation’s fuel supply. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil. Since September, 2021, 38 million barrels of crude oil from the SPR has been sold through sales mandated by Congress and including sales accelerated by the administration (19.9 million barrels awarded in September and 18.1 million barrels awarded in January), for a total of 62.4 million barrels put on the market through sales and the exchange so far. The President has now announced an emergency sale of an additional 30 million barrels.