What are exchanges of oil? How does an exchange differ from a sale?
Crude oil exchanges are authorized as a means of acquiring oil for the SPR at no cost to the SPR. “Loans” are a form of time exchange generally used after a disruption to commercial oil supplies has occurred that resulted from an event outside the control of the company, such as a hurricane in the Gulf or a ship channel closing. The event must be of sufficient scope and duration that DOE determines it would be in the public interest to make the loan. Loans are initiated at the request of the company.