Over the Past Two Months, the Biden Administration Has Approved The Release of 40 Million Barrels of SPR Crude Oil To Address High Oil Prices

WASHINGTON, D.C. — Today, the U.S. Department of Energy (DOE) approved seven additional exchanges of 13.4 million barrels of crude oil for release from the Strategic Petroleum Reserve (SPR). These releases fall under the authorization published in the DOE announcement on November 23, 2021. Exchange contracts were awarded to the following companies:

  • Shell Trading US Company (4.2 million barrels)
  • Trafigura Trading LLC (3 million barrels)
  • Phillips 66 Company (2.3 million barrels)
  • Macquarie Commodities Trading (2 million barrels)
  • Chevron U.S.A. Inc. (0.885 million barrels)
  • ExxonMobil Oil Corporation (0.515 million barrels)
  • BP Products North America (0.5 million barrels)

Combined, DOE has provided nearly 40 million barrels of SPR crude oil to boost the nation’s fuel supply, including five previous exchanges. This is the second-largest crude oil exchange in U.S. history, with the first being the 2000 Heating Oil Exchange. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.

Additional information about SPR exchanges can be found here. Those interested in receiving future announcements from DOE’s Office of Fossil Energy and Carbon Management can sign up here.