U.S. Department of Energy said this week it has awarded contracts to three companies for a total of 2,993,692 barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve at an average cost of $77.31 per barrel. DOE has now purchased 13.83 million barrels of oil this year for the SPR at an average price of $75.63 per barrel. “This follows President Biden’s historic release from the SPR to address the significant global supply disruption caused by Putin’s war on Ukraine and help keep the domestic market well supplied,” DOE said, “ultimately helping bring down prices for American consumers.”
DOE said Tuesday it purchased 1,197,485 barrels from Sunoco Partners Marketing and Terminals, 898,105 barrels from Macquarie Commodities Trading and 898,102 barrels from Phillips 66 for delivery in March to the SPR at Big Hill in Jefferson County near Beaumont. Nine companies responded to the RFP with a total of 33 proposals.