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2022-04-04 12:05:00

US SELLS OIL 90 MB

US SELLS OIL 90 MB

U.S. DOE - APRIL 1, 2022 - DOE Announces Second Emergency Notice of Sale of Crude Oil From The Strategic Petroleum Reserve to Address Putin’s Energy Price Hike

The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced a Notice of Sale of crude oil from the Strategic Petroleum Reserve (SPR). This Notice of Sale follows President Biden’s announcement yesterday authorizing the sale of crude oil from the SPR to address the significant market supply disruption caused by Putin’s war on Ukraine and aid in lowering energy costs for American families.  

The SPR will release approximately one million barrels of crude oil per day over the next six months. Crude oil in this emergency sale will enter the market in two releases.

The first 90 million barrels will be released between May and July, through two notices of sale totaling 70 million barrels, and 20 million barrels already scheduled to be released in May 2022. The remaining 90 million barrels will be released between August and October 2022. DOE must receive bids for the first notice of sale no later than 10:00 a.m. Central Time on April 12, 2022, and will award contracts to successful offerors no later than April 21, 2022. 

The May through July sales will be conducted with crude oil from the following four SPR sites:

  • Up to 20.5 million barrels from Big Hill
  • Up to 21.5 million barrels from West Hackberry
  • Up to 18 million barrels from Bryan Mound
  • Up to 10 million barrels from Bayou Choctaw

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 in Texas and Louisiana. The SPR has a long history of protecting the economy and American livelihoods in times of emergency oil shortages.

Any company registered in the SPR’s Crude Oil Sales Offer Program is eligible to participate in this and other SPR crude oil sales. Other interested companies may register through the SPR’s website: Crude Oil Sales Offer Program.

For more information on the SPR please visit  Infographic: Strategic Petroleum Reserve  and Fact Sheet: Strategic Petroleum Reserve . Sign up to receive future FECM news alerts here.

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