Tuesday,
June 20
June 20
DOE Strategic Petroleum Reserve Crude Oil Replenishment
The U.S. Energy Department is due to receive bids in response to its notice of solicitation to purchase approximately 3 million barrels of crude oil to replenish the Strategic Petroleum Reserve. The reserve is the world’s largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns at four sites in Texas and Louisiana. The move follows President Biden’s three-part replenishment plan to pursue additional repurchase opportunities this year as market conditions allow. Contracts will be awarded by June 30.