Home / Market Update / US Energy Secretary: Hurricane Laura Caused Extensive Damage to a Site That Contains About 30% of Crude Oil Reserves

US Energy Secretary: Hurricane Laura Caused Extensive Damage to a Site That Contains About 30% of Crude Oil Reserves

US Energy Secretary Dan Brouillette said that Hurricane Laura caused massive damage to a site that houses about 30% of the country’s emergency crude oil reserves, but three other sites still have a lot of oil.

The damaged Strategic Petroleum Reserve site in West Huckberry, Louisiana, contains nearly 8.2 billion gallons of crude oil in 21 gigantic deep-earth caves. Brouillette did not specify the exact nature of the damage and did not mention the cost of repairing it, but said he intended to tour at a later time.

Check Also

Dow Steadies Near Record Highs as Fed Signals Pause on Further Rate Cuts

The Dow Jones Industrial Average hovered near record levels on Thursday as investors reassessed their …