Releases Are Part of President Biden’s Actions to Help Protect Americans from Putin’s Price Hike at the Pump
WASHINGTON, D.C.— The U.S. Department of Energy (DOE) today announced that contracts have been awarded for the purchase of crude oil from the Strategic Petroleum Reserve (SPR) following a Notice of Sale announced on June 14, 2022. The contract awards are part of President Biden’s announcement on March 31, 2022 to release one million barrels of crude oil a day for six months to address the significant global supply disruption caused by Putin’s war on Ukraine, act as a bridge for domestic production to increase, and help stabilize volatile energy costs for American families.
A total of 14 companies responded to the notice, submitting 68 bids for oil from the four SPR sites. Contracts were awarded to the following companies:
- Atlantic Trading & Marketing, Inc. (0.700 million barrels)
- BP Products North America (0.700 million barrels)
- Chevron USA (1.15 million barrels)
- Equinor Marketing & Trading (3.65 million barrels)
- ExxonMobil Oil Corporation (3.75 million barrels)
- Glencore (0.575 million barrels)
- Macquarie Commodities Trading US LLC (1.33 million barrels)
- Marathon Petroleum Supply and Trading LLC (5.93 million barrels)
- Motiva Enterprises LLC (4.20 million barrels)
- Phillips 66 Company (2.15 million barrels)
- Shell Trading (US) Company (2.46 million barrels)
- Unipec America, Inc. (0.950 million barrels)
- Valero Marketing and Supply Company (10.35 million barrels)
- Vitol Inc. (1 million barrels)
Crude oil deliveries will take place from each of the SPR storage sites between August 16, 2022 and September 30, 2022.
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 energy supply challenges.
For more information on the mechanics of SPR sales and the process for selecting winning bids. Fact Sheet: Strategic Petroleum Reserve. More information on SPR sale provisions here. Sign up to receive future FECM news alerts here and learn how the Strategic Petroleum Reserve, the world's largest supply of emergency crude oil, provides energy security for America.