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Exxon Taps Strategic Oil Reserve After Ida Shuts Gulf Output

September 3, 2021

ExxonMobil Corp. is tapping the U.S. Strategic Petroleum Reserve to revive gasoline production in Louisiana after Hurricane Ida left much of the devastated state’s refining and oil production offline.

Authorization to take 1.5 million barrels of crude from the government’s emergency stockpiles came after President Joe Biden said Sept. 2 the U.S. would use all the tools at its disposal to increase the availability of gasoline and ease pressure on prices at the pump.

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