Phillips 66 Is Tapping the Strategic Petroleum Reserve. What’s the Impact?
Hurricane Harvey caused catastrophic amounts of damage to Texas and Louisiana, and at the end of last week, the Department of Energy authorized an emergency release of 500,000 barrels of oil to Phillips 66's (NYSE: PSX) Lake Charles refinery.
In this week's episode of Industry Focus: Energy, Sarah Priestley and Taylor Muckerman explain what that means. Find out what the Strategic Petroleum Reserve (SPR) is and what it does, whether investors should be worried about this dip into the emergency reserves, what Phillips 66 investors should know about the 500,000-barrel loan, what the not-too-distant future could hold for the SPR, and more.
A full transcript follows the video.
Source: Fool.com
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