U.S. Clears Second-Largest Ever Loan of Oil From Strategic Reserve
- Loan of 13.4 million barrels aimed at stemming oil-price surge
- Shell, Trafigura, Phillips 66 among largest loan recipients
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The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014.
The awards to seven companies -- part of a previously announced move -- mark the second-largest exchange of oil from the Strategic Petroleum Reserve ever, and bring the total amount of oil released from the cache to nearly 40 million barrels, according to the Energy Department.