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 up to 20 million barrels of crude oil from the SPR. This notice of sale is to fulfill the requirements of Section 403 of the Bipartisan Budget Act of 2015 (Public Law 114-74) and partially fulfill Section 30204 of the Bipartisan Budget Act of 2018 (Public Law 115-123). The proceeds of the sale will be deposited in the U.S. Treasury by the end of the fiscal year.
The sale will be conducted with crude oil from the following four SPR sites (maximum amount from each site listed):
- Up to 8 million barrels from Bryan Mound
- Up to 8 million barrels from Big Hill
- Up to 8 million barrels from West Hackberry
- Up to 1 million barrels from Bayou Choctaw
DOE must receive bids no later than 10:00 a.m. Central Time, Tuesday August 31, 2021 and will award contracts to successful offerors no later than September 13, 2021. Deliveries will take place between October 1, 2021 and December 15, 2021.
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.