Washington, D.C. – Today, the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM) announced a Notice of Sale of crude oil from the Strategic Petroleum Reserve (SPR). DOE intends to sell 30 million barrels of crude oil from the SPR.
The Notice of Sale announced today is part of a coordinated action with the member countries of the International Energy Agency to collectively release an initial 60 million barrels of oil from strategic petroleum reserves. This effort reflects a common focus and willingness to address significant market and supply disruptions related to President Putin’s war on Ukraine.
The sale will be conducted with crude oil from the following four SPR sites:
- Up to 2 million barrels from Big Hill
- Up to 10 million barrels from West Hackberry
- Up to 8 million barrels from Bryan Mound
- Up to 10 million barrels from Bayou Choctaw
DOE must receive bids no later than 10:00 a.m. Central Time, March 8th, 2022, and will award contracts to successful offerors no later than March 17th, 2022. Deliveries will take place between April 1st, 2022 and May 31st, 2022. Request for early deliveries will be accommodated to the maximum extent possible.
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 website’s Crude Oil Sales Offer Program.
Visit DOE’s website for more information on the SPR.