The U.S. Department of Energy will lend 1 million barrels of oil to
Marathon Petroleum Corp. after the company requested it because of
impacts related to Hurricane Isaac.
The government will lend the barrels from a Strategic Petroleum Reserve site in Louisiana.
Marathon will have to return the same quantity of oil within three
months, plus additional
“premium barrels,” which the department
described as “similar to interest.”
The department said a loan is different from a release of the
reserves, which the White House has said was an option if Isaac
disrupted oil supplies and markets.
The reserves could begin delivering the barrels today, the department said.
Marathon Petroleum Corp. began shutting down its Garyville, La.,
refinery Monday, one of the largest in the nation. The facility has a
capacity of 490,000 barrels a day. It was running at reduced rates
because of the storm.
Chu said the government’s oil loan will include 1 million barrels of light sweet crude.
Source: fuelfix
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