U.S. Department of Energy said Friday it signed contracts for 3.3 million barrels of U.S.-produced crude oil to add to the nation’s strategic petroleum reserve. The oil is being purchased for an average price of $79.38 per barrel for delivery in October to the Big Hill SPR site in Jefferson County in southeast Texas. DOE said it also will purchase another 3 million barrels for delivery to Big Hill in November.
DOE has purchased 35.6 million barrels of oil for the SPR for an average price of $77.18 per barrel. The latest RFP attracted 22 proposals, and contracts were awarded to four companies.