Economy

Marathon gets crude oil from reserve

Marathon gets crude oil from reserve”

Three million barrels of the reserves will reach Marathon Petroleum Corp and another 500,000 bpd will reach Valero Energy Corp. from the reserves at the Bayou Choctaw site, according to Bloomberg. The reserve is made up of a complex of tanks and deeper underground storage caverns. For nearly two weeks, gasoline prices have experienced upward pressure due to the hurricane's effects on oil production and refinery output. Port closures have also left refineries still operating with less access to crude oil shipments.

Marathon Petroleum's Galveston Bay refinery was temporarily shut down earlier this week by the hurricane.

The Energy Department "will continue to provide assistance as deemed necessary, and will continue to review incoming requests for SPR crude oil", spokeswoman Jess Szymanski said.

About 22 percent of USA refining capacity and 13 percent of Gulf of Mexico oil output is offline because of Hurricane Harvey.

USA gasoline prices surged anew in morning trade after the Colonial Pipeline Co, which operates the biggest US fuel transport system, said it would shut its main lines to the Northeast amid outages at pumping points and lack of supply from refiners.

The Colonial Pipeline, which carries huge amounts of gasoline and other fuel between Houston and the East Coast, is also shutting down. Nationwide, the average price for a gallon of gasoline is $2.52-the highest price of 2017, according to AAA.



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