DOE Awards Second Strategic Petroleum Reserve Exchange to Bolster Fuel Supply Chain

WASHINGTON, D.C. — Today, the U.S. Department of Energy (DOE) approved a second exchange of 250,000 barrels of crude oil for release to Marathon Petroleum Company from the Strategic Petroleum Reserve (SPR). This release falls under the authorization published in the DOE announcement on November 23, 2021.

DOE has provided over 5 million barrels of SPR crude oil to boost the nation’s fuel supply, including the first exchange awarded to ExxonMobil earlier in the month. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.  

Additional information about SPR exchanges can be found here. Those interested in receiving future announcements from DOE’s Office of Fossil Energy and Carbon Management can sign up here.

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