Second Refiner Taps U.S. Oil Reserve as Gulf Output Remains Shut
- Placid Refining joins Exxon in using U.S. emergency stockpiles
- More than 90% of Gulf of Mexico crude output remains shut
A refinery surrounded by water after Hurricane Ida near Cocodrie, Louisiana.
Photographer: Mark Felix/BloombergThis article is for subscribers only.
The U.S. is granting a second refiner in Louisiana access to the country’s emergency crude stockpiles as most oil-producing platforms in the Gulf of Mexico remain offline after Hurricane Ida.
Placid Refining Co. will receive 300,000 barrels of crude from the Strategic Petroleum Reserve, the Department of Energy said Friday, following 1.5 million granted to Exxon Mobil Corp. Thursday. The so-called exchanges require the companies to pay back in kind within two to three months, plus some extra barrels.