New York CNN —
archive.cms.cnn.com/_components/paragraph/instances/paragraph_4FAA3450-1DDF-8018-02F1-1BF6703936D2@published” data-editable=”text” data-component-name=”paragraph”> The Biden administration announced plans Friday to provide nearly 2 million barrels of oil to refineries through an emergency exchange and simultaneously begin efforts to replenish the Strategic Petroleum Reserve early next year.
archive.cms.cnn.com/_components/paragraph/instances/paragraph_A5C52062-94D7-CA9E-4C3F-1C10C7F418F5@published” data-editable=”text” data-component-name=”paragraph”> The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline due to a leak earlier this month, the Energy Department said. Part of that key pipeline remains shuttered and no timeline has been issued for a full reopening.
archive.cms.cnn.com/_components/paragraph/instances/paragraph_DCDB105F-B124-C8B6-6EB5-1BFB3B3B2E50@published” data-editable=”text” data-component-name=”paragraph”> Emergency exchanges allow oil refineries to borrow oil from the SPR for a short period due to supply disruptions such as hurricanes or pipeline outages. Unlike with emergency sales such as the record-setting release of 180 million barrels announced in March, this oil must be returned.
archive.cms.cnn.com/_components/paragraph/instances/paragraph_603F6486-C6CF-DBCF-DFDD-1BFD17AE66CC@published” data-editable=”text” data-component-name=”paragraph”> In this case, the Energy Department agreed to provide 1.2…
