Energy Department Authorizes Strategic Petroleum Reserve Exchange to Address Supply Disruptions Due to Hurricane

WASHINGTON—The U.S. Department of Energy (DOE) today announced the authorization of an emergency exchange of up to 4 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to address supply disruptions due to inclement weather in the Gulf of America. Under the terms of the exchanges, participating companies will return the borrowed crude oil with additional premium barrels in 2027, helping replenish and strengthen the SPR at no additional cost to taxpayers. 

“With this emergency exchange, the Energy Department is acting swiftly to help maintain refinery operations, limit disruptions to fuel supplies, and ensure American families and businesses continue to have access to affordable, reliable, and secure energy” said U.S. Secretary of Energy Chris Wright. “In addition to helping minimize supply disruptions, these emergency exchanges will also require Exxon and BP to return more barrels to the Reserve than are currently being withdrawn, saving taxpayers millions of dollars. Rest assured, the Trump Administration is committed to strengthening America’s energy security at every opportunity.”

The Department has authorized exchanges of up to 2 million barrels each for ExxonMobil and BP America. ExxonMobil's exchange will accelerate deliveries of previously awarded SPR crude oil to address immediate supply needs. 

DOE will continue working with industry partners to support reliable fuel supplies and respond to hurricane-related disruptions. 

For more information about the Strategic Petroleum Reserve, visit energy.gov.