Perry Says Release From Strategic Oil Reserve More Than Triples

(Bloomberg) -- Energy Secretary Rick Perry said the U.S. has approved the release of "upwards of" 4.5 million barrels from the Strategic Petroleum Reserve in response to Harvey, more than tripling the amount announced a day earlier.

"Without trying to affect the market place, we are trying to be as stable as we can, making sure folks can, in fact, have access to gasoline," Perry said on Bloomberg Television. Perry said he sees about a "two-week bump" in gasoline from the storm, which made landfall in Texas last Friday.

The department yesterday announced two releases of 500,000 barrels each in response to a request by Phillips 66 for oil to feed its Lake Charles refinery in Louisiana. The agreement requires the recipient to replace the oil once supplies are flowing again. Perry said they approved an additional 3.5 million barrels in the past 24 hours.

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

To contact the reporters on this story: Tina Davis in New York at tinadavis@bloomberg.net, David Gura in New York at dgura2@bloomberg.net.

To contact the editors responsible for this story: Tina Davis at tinadavis@bloomberg.net, Reg Gale

Copyright 2017 Bloomberg News.

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