Marathon Petroleum Borrows 1 Mln Barrels of Crude from Energy Dept; Shares Hit Year Top

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Following a request yesterday from Marathon Petroleum Company ( MPC ), U.S. Secretary of Energy Steven Chu announced today that the Energy Department has agreed to lend 1 million barrels of sweet crude oil from the Strategic Petroleum Reserve's Bayou Choctaw site in Louisiana to address the short term impact on the company's refining capacity caused by Hurricane Isaac, which is resulting in limited crude oil shortages.

MPC shares are up 0.9% to $51.29, down slightly from a new year high of $51.62 touched earlier in the session.

Shares have traded in a year range of $26.35 - $51.62.



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This article appears in: Investing , Commodities

Referenced Stocks: MPC

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