In the News: Oil From Strategic Petroleum Reserve Allocated to Citgo

The Department of Energy has allowed Venezuelan-controlled Citgo to pull 250,000 barrels of oil from the Strategic Petroleum Reserve because of its inability to secure crude oil in the aftermath of Hurricane Gustav. Supplies to its refinery in Lake Charles, La., were cut off following the closure of the Calcasieu Ship Channel. Citgo’s request is so far the only request for fuel from the reserve following Gustav. The reserve is an emergency depot maintained by the Department of Energy that can hold more than 700 million barrels of oil in salt caverns scattered around the Gulf of Mexico.

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