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ExxonMobil Taps Oil From SPR

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Exxon Mobil Corporation will receive crude oil from the Strategic Petroleum Reserve (SPR). Jennifer M Granholm, US Secretary of Energy, has authorized the release of 1,500,000 barrels of crude oil to the integrated energy major from the SPR.

The authorization is meant for exchanging oil from the US strategic reserve with Baton Rouge refinery of ExxonMobil in Baton Rouge, LA. Thus, any logistical hazards of carrying crude oil to the Hurricane Ida-affected regions will get alleviated.

Hurricane Ida battered New Orleans and much of southeast Louisiana after making landfall. Power was out, trees were downed and the regular crude oil supply was destroyed.

Ahead of the hurricane, there was a shut-down of significant refining capacities and like many other fuel producers, ExxonMobil also shut down its Louisiana-based processing units of crude oil. Now, the integrated energy giant is restarting its Baton Rouge refinery.

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