U.S. Department of Energy said June 30 it purchased an additional 3.2 million barrels of U.S.-produced crude oil to be delivered in September to the Big Hill strategic petroleum reserve in Jefferson County near Beaumont in southeast Texas. The oil was purchased for $230.3 million for an average of $71.98 per barrel. That’s lower than the average of about $95 per barrel that DOE sold SPR volumes for in 2022.
Nine companies submitted a total of 28 proposals for this round of SPR acquisitions. Contract were awarded to four companies. This follows an earlier purchase of 3 million barrels for delivery in August for about $73 per barrel.