Energy Department Awards Contracts from the Strategic Petroleum Reserve as Part of President Trump’s Emergency Exchange

WASHINGTON–The U.S. Department of Energy (DOE) today announced contract awards for an exchange of more than 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), including volumes offered through previous solicitations. Today’s awards are part of DOE’s execution of President Trump’s 172-million-barrel release, which contributes to a coordinated 400-million-barrel action by International Energy Agency (IEA) member nations’ strategic reserves. 

“DOE’s latest awards of more than 40 million barrels complete our commitment to release 172 million barrels from the Strategic Petroleum Reserve,” said DOE Under Secretary Kyle Haustveit. “Under President Trump’s leadership, we have secured the return of more than 216 million barrels to the Reserve beginning early next year—including 44 million additional premium barrels—with a value of more than $4 billion, at no additional cost to hardworking American taxpayers. By securing the return of more than we released, we are strengthening America’s energy security and ensuring the Strategic Petroleum Reserve remains ready for the future.”

Crude oil under the awarded contracts will be supplied from the SPR's Big Hill and Bryan Mound storage sites. DOE will coordinate with awardees, pipelines, terminals, and refining partners to support the safe and efficient movement of crude oil. 

These awards reinforce the Trump Administration’s commitment to energy security, long-term SPR readiness, and responsible stewardship of this critical national energy security asset. 

For more information on the SPR, please visit DOE’s website.