Energy chief taps emergency oil reserve in wake of Harvey
September 1, 2017
WASHINGTON (AP) — Energy Secretary Rick Perry said Thursday he is releasing 500,000 barrels of crude oil from an emergency stockpile in a bid to prevent gasoline prices from spiking in the wake of disruptions caused by Harvey.
Perry said he's authorized immediate shipments of crude to the Phillips 66 refinery in Lake Charles, Louisiana. The oil will be replenished under an exchange arrangement similar to a loan.
The Energy Department will review other requests for oil from the Strategic Petroleum Reserve, an emergency stockpile that guards against supply disruptions, a spokeswoman said.