Reply #36: Energy Dept.begins shipping reserve oil to Marathon

[UpInArms]

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38625.3895309606-844506333&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

WASHINGTON (MarketWatch) -- The Energy Department said it has begun shipping sweet crude oil to Marathon Petroleum (MRO) from the Bryan Mound, Texas, Strategic Petroleum Reserve. Following Hurricane Katrina, the administration offered 30 million barrels from the country's emergency stockpiles for bid to the market to prevent a supply disruption. The transfer of crude oil to Marathon will proceed in batches throughout October until the total 550,000 barrels awarded to the company is delivered, the Energy Department said. The Energy Department accepted bids for 11 million barrels of the oil and separately has agreed to loan an additional 13.2 million barrels to refiners whose deliveries were interrupted.