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U.S. Energy Dept Loans 1 Million Barrels of Oil to ExxonMobil

The U.S. Department of Energy (DOE) has approved the release of up to one million barrels of crude oil from the Strategic Petroleum Reserve (SPR) to ExxonMobil, in a move aimed at addressing supply disruptions impacting the company’s Baton Rouge refinery.

Energy Secretary Chris Wright said the decision is designed to ensure stable fuel supplies across Louisiana and the broader Gulf Coast region, following recent offshore delivery issues that had limited ExxonMobil’s refining operations.

“This exchange helps maintain fuel flow while preserving the flexibility of our oil reserves,” Wright said in a social media statement Friday. “Backing American energy strengthens our independence and solidifies our role as a global energy leader.”

The temporary exchange allows ExxonMobil to borrow crude from the SPR with a commitment to return it—along with additional barrels—at a later date, at no extra cost to taxpayers. Officials clarified that the move will not disrupt ongoing efforts to replenish the nation’s emergency reserves.

The Baton Rouge refinery, one of ExxonMobil’s major U.S. operations, had experienced a slowdown due to challenges with offshore crude deliveries. The government’s release is expected to support the plant’s return to full capacity.

This strategic exchange follows the DOE’s broader mission of ensuring energy security while navigating logistical disruptions in the oil supply chain.