Crude Oil Sales from the US Strategic Petroleum Reserve
The U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management announced that contracts have been awarded from the recent Congressionally-mandated Strategic Petroleum Reserve (SPR) crude oil sale.
On August 23, 2021, DOE issued a Notice of Sale for a price-competitive sale of up to 20 million barrels of SPR crude oil. A total of 15 companies responded and 104 bids were submitted for evaluation. Contracts were awarded to the following eight companies:
- Atlantic Trading & Marketing, Inc.
- Chevron USA
- ExxonMobil Oil Corporation
- Marathon Petroleum Supply and Trading, LLC
- Motiva Enterprises, LLC
- Phillips 66 Company
- Unipec America, Inc.
- Valero Marketing and Supply Company
Of the 20 million barrels of crude oil awarded, 5.1 million will be sold from the SPR’s Bryan Mound site (near Freeport, TX), 6.1 million from the West Hackberry site (near Hackberry, LA), 0.75 million from the Bayou Choctaw site (near Baton Rouge, LA), and 8.05 million from the Big Hill site (near Winnie, TX). The SPR plans to schedule deliveries between October 1–December 15, 2021.
The Congressionally-mandated sale fulfills requirements of Sections 403 of the Bipartisan Budget Act of 2015 and partially fulfills Section 30204 of the Bipartisan Budget Act of 2018. The proceeds of the sale will be deposited in the U.S. Treasury by the end of the fiscal year.
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