U.S. Energy Department Authorizes Emergency Exchange of Up to Four Million Barrels After Hurricane Isaias
The Department of Energy authorized an emergency exchange of up to four million barrels from the Strategic Petroleum Reserve to address supply disruptions caused by Hurricane Isaias, while large portions of oil and gas production in the Gulf of Mexico were shut in and federal emergency declarations were approved for Florida and Alabama.
The U.S. Department of Energy said on Saturday it authorized an emergency exchange of up to four million barrels from the Strategic Petroleum Reserve of crude oil to address supply disruptions caused by Hurricane "Isaias."
U.S. Energy Secretary Chris Wright said in a statement: "The Energy Department is moving quickly, through this emergency exchange, to help sustain refinery operations and limit fuel supply disruptions and ensure families and American businesses continue to have affordable, reliable and safe energy."
The U.S. Bureau of Marine Minerals said that oil and gas companies in the Gulf of Mexico had shut in about 62.89% of current oil production and 57.35% of current natural gas production as of last Thursday due to Hurricane "Isaias."
The agency said workers were evacuated from 121 production platforms, representing 32.61% of the total 371 manned platforms in the Gulf, and personnel were withdrawn from 5 rigs not equipped with dynamic positioning systems, equivalent to 45.45% of the total 11 such rigs currently operating in the area.
The Trump administration approved a federal emergency declaration for the states of Florida and Alabama, which will allow the Federal Emergency Management Agency to provide federal disaster assistance to support response efforts at the state and local levels.
