The U.S. Department of Energy said Thursday that it would distribute 500,000 barrels of crude oil from the Strategic Petroleum Reserve to help the petroleum industry cope with rising fuel prices caused by disruptions from Tropical Storm Harvey, Reuters reports.
The oil will be transported to the Phillips 66 (PSX) refinery in Lake Charles, LA. The plant was unaffected by the storm, which ravaged the Gulf Coast.
The delivery will include 200,000 barrels of sweet crude and 300,000 barrels of sour crude oil. Phillips 66 will be required to replace the reserves' oil at a later date.
The Strategic Petroleum Reserve, established in the 1970s over fuel supply panics, currently contains 679 million barrels of oil.
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