U.S. Loans Oil to Exxon Again in Bid to Tame Pump Pain
(Bloomberg) -- Exxon Mobil Corp. was granted another oil loan from the U.S. strategic reserves under President Joe Biden’s effort to ease pain at the gasoline pump.
Exxon was awarded 2 million barrels as part of the crude-exchange program announced in November after gasoline prices touched a seven-year high. The latest grant brings the total awarded to date to 7 million barrels, or 22% of the maximum amount on offer of 32 million, according to the U.S. Department of Energy.
Under the program, refiners can take oil on loan on condition they return an equal amount between 2022 and 2024. Exxon previously accessed 4.8 million SPR barrels while Marathon Petroleum Corp. borrowed 250,000.
The government is separately offering 18 million barrels from the reserve for sale. The tender closes Jan. 4.
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