The U.S. Department of Energy’s (DOE) Office of Fossil Energy announced a notice of sale of crude oil from the Strategic Petroleum Reserve (SPR) at sites in Louisiana and Texas. DOE intends to draw down and sell 10.1M barrels (bbls.) of crude oil from the SPR. Proceeds of the sale will be deposited in the U.S. Treasury. The sale will be conducted with crude oil from the following three SPR sites: Bryan Mound and Big Hill, Texas, and West Hackberry, La. DOE must receive bids no later than 9 a.m. CT on Feb. 24. DOE will award contracts no later than March 4. Deliveries will take place in April and May, with early deliveries available in March 2021. The SPR is the world's largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns at four storage sites. Any company registered in the SPR’s Crude Oil Sales Offer Program is eligible to participate. Other interested companies may register through the SPR website’s Crude Oil Sales Offer Program Login - Offer Program (doe.gov).
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