The Biden administration is releasing 1.5 million barrels of crude oil from America's emergency stockpile of oil as Louisiana's gas crisis worsens.
The decision to tap the Strategic Petroleum Reserve, or SPR, comes as two-thirds of the gas stations in New Orleans and Baton Rouge are out of gasoline in the aftermath of Hurricane Ida. This will"alleviate any logistical issues of moving crude oil within areas affected by Hurricane Ida to ensure the region has access to fuel as quickly as possible," the Energy Department said in a statement.
Patrick De Haan, head of petroleum analysis at GasBuddy, told CNN that tapping the SPR could ease pressure on the system — especially if Louisiana refineries begin to reopen in the coming days. Half the gas stations in New Orleans and Baton Rouge are without fuel"After a catastrophe, cut the bottlenecks," De Haan said, adding that he's heard from some refineries worried about where they will source oil from because of logistical problems caused by the storm.
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