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U.S. Dips Into Strategic Oil Reserve Again Amid Supply Disruptions
The United States is dipping into its Strategic Petroleum Reserve again, this time to keep crude flowing to a Louisiana refinery while oil prices climb above $117 per barrel. The reserve, meanwhile, is already at its lowest level since 1982. The Department of Energy on Friday authorized an emergency exchange of up to 400,000 barrels to Phillips 66's Lake Charles refinery, citing a temporary disruption to crude deliveries. The oil will come from the reserve's West Hackberry site in Louisiana and is available for immediate delivery. Lake Charles…
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