2022-08-01 10:40:00
U.S. SELLS 20 MB
U.S. DOE - JULY 26, 2022 - WASHINGTON, D.C.—The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced an additional Notice of Sale of up to 20 million additional barrels of crude oil from the Strategic Petroleum Reserve (SPR). This Notice of Sale is part of President Biden’s announcement on March 31, 2022 authorizing the sale of crude oil from the SPR to address the significant market supply disruption caused by Putin’s war on Ukraine and help lower energy costs for American families.
The President’s announcement called to release one million barrels of SPR crude oil per day over six months. This historic release of SPR crude has provided a record amount of crude oil supply to the U.S. economy and will continue until the end of October 2022.
DOE plans to release, from the SPR, up to 2.8 million barrels of sour crude oil and 17.2 million barrels of sweet crude oil, totaling 20 million barrels with deliveries from September 16 until October 21, 2022. DOE must receive bids for this notice no later than 10:00 a.m. Central Time on August 2, 2022. Contracts will be awarded to successful offerors no later than August 11, 2022.
The sale will be conducted with crude oil from the following three SPR sites:
- Up to 7.6 million barrels from Big Hill
- Up to 9.6 million barrels from West Hackberry
- Up to 2.8 million barrels from Bryan Mound
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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Earlier:
2022, July, 26, 10:25:00
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Most U.S. LNG exports went to the EU and the UK during the first five months of this year, accounting for 71%, or 8.2 Bcf/d, of the total U.S. LNG exports
2022, July, 26, 10:10:00
U.S. OIL INVENTORIES DOWN BY 0.4 MB TO 426.6 MB
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2022, July, 15, 11:55:00
U.S. GAS PRICE DOUBLED
During the past 12 months (July 2021–June 2022), the monthly average Henry Hub natural gas spot price, which is a U.S. benchmark, nearly doubled
2022, July, 15, 11:30:00
U.S. CARBON EMISSIONS PROGRAM $2.6 BLN
The two programs – the Carbon Capture Demonstration Projects Program and the Carbon Dioxide Transport/Front-End Engineering Design (FEED) Program – are funded by a more than $2.6 billion investment from President Biden’s Bipartisan Infrastructure Law.
2022, June, 20, 12:00:00
U.S. NEED FINANCIAL STABILITY
Despite experiencing a series of adverse shocks—higher-than-expected inflation, the ongoing supply disruptions related to COVID-19, and Russia’s invasion of Ukraine—the financial system has been resilient, though portions of the commodities markets temporarily experienced elevated levels of stress.
2022, June, 14, 11:30:00
U.S. ENERGY PRICES GO HIGHER
The Administration has actually recommended that people buy EVs to avoid increasing gasoline prices. The recent ban on imports of Russian oil will likely further increase gasoline prices, which have already doubled under the Administration.
2022, May, 25, 11:25:00
U.S. SELLS OIL 40 MB
The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced an additional Notice of Sale of up to 40.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR).
