President Biden Ordered Emergency Drawdown as Part of International Energy Agency Collective Action

WASHINGTON, D.C. – Today, the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management announced that contracts have been awarded for ALL 30 million barrels put up for sale from the U.S. Strategic Petroleum Reserve. This fully-subscribed sale is part of a coordinated action with the 30 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, as the Administration continues to take action to help lower energy prices for Americans. 

On March 2, 2022, DOE issued a Notice of Sale for a price-competitive sale of 30 million barrels of SPR crude oil. A total of 13 companies responded to this notice, submitting 109 bids for evaluation. Contracts were awarded to the following seven companies:

  • Atlantic Trading & Marketing, Inc. (1.05 million barrels);
  • Chevron USA (1.265 million barrels);                                    
  • Gunvor USA, LLC (0.350 million barrels);                              
  • Marathon Petroleum Supply and Trading, LLC (16.06 million barrels);
  • Motiva Enterprises, LLC (2.55 million barrels);                                 
  • Phillips 66 Company (4.2 million barrels); and                                  
  • Valero Marketing and Supply Company (4.75 million barrels)                     

From this sale the SPR sold a total of 30.225 million barrels, and of that amount 8.33 million barrels will be sold from the SPR’s Bryan Mound site (near Freeport, TX), 10 million barrels from the West Hackberry site (near Hackberry, LA), 10 million barrels from the Bayou Choctaw site (near Baton Rouge, LA), and 1.895 million barrels from the Big Hill site (near Winnie, TX). The SPR plans to schedule deliveries between April 1–May 31, 2022, with early deliveries available in March if arrangements can be made.

Visit DOE’s website for more information on the SPR.