The U.S. Department of Energy (DOE) announced Friday that 16 companies had been awarded contracts for purchasing crude oil from the Strategic Petroleum Reserve (SPR).
The announcement comes after the Biden administration announced a Notice of Sale on July 26, 2022. The contract awards are part of President Joe Biden’s announcement on March 31, 2022, that his administration would release one million barrels of crude oil a day for six months to address the global supply disruption caused by the war in Ukraine, as well as to act as a bridge for domestic production to increase and to help stabilize the volatile energy costs facing Americans.
The 16 contract-winning companies had collectively submitted 129 bids for oil from the four SPR sites. Contract winners included Chevron USA (.350 million barrels), Equinor Marketing & Trading (1.05 million ballers), Macquarie Commodities Trading US LLC (.350 million barrels), and Marathon Petroleum Supply and Trading LLC (5.6 million barrels), among others.
Deliveries of the crude oil will occur from each storage site between Sept. 16, 2022, and Oct 21, 2022. The SPR is the world’s largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns in Texas and Louisiana.
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