WASHINGTON, DC – Energy Secretary Samuel W. Bodman today announced that the Department of Energy (DOE) has approved a seventh loan request for crude oil from the Strategic Petroleum Reserve (SPR). Today’s agreement with Total Petrochemicals USA, Inc., for 600,000 barrels of sour crude takes the total volume DOE has agreed to loan to 13.2 million barrels.
"We are committed to doing everything in our power to meet the immediate needs of those directly affected by Hurricane Katrina. By utilizing the resources of the Strategic Petroleum Reserve, we will help minimize any potential supply disruptions as a result of the hurricane," Secretary Bodman said.
Secretary Bodman committed on September 1, 2005, when the first oil loan was approved, to continue to consider requests from refiners whose sources of supply were disrupted as a result of Hurricane Katrina. Total Petrochemicals requested an additional 600,000 barrels bringing their total loan to 1.2 million barrels. The oil will be loaned from the SPR under short-term contractual agreements and returned once supply conditions are normal.
In addition to the 13.2 million barrels DOE has agreed to loan from the SPR, Secretary Bodman recently announced the sale of 11 million barrels, bringing the total amount of crude oil made available by the U.S. government in the aftermath of Hurricane Katrina to 24.2 million barrels.
Craig Stevens, 202/586-4940