Thursday, August 31, 2017

U.S. releases 500,000 barrels of oil from strategic reserve

The U.S. Energy Department said on Thursday it would release 500,000 barrels of crude oil from the Strategic Petroleum Reserve as Tropical Storm Harvey’s disruption of the petroleum industry has spiked motor fuel prices. 

The oil will be delivered to the Phillips 66 (PSX.N) refinery in Lake Charles, Louisiana, according to a department statement. That plant has not been affected by the storm, which has hammered the Gulf Coast for several days.

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