U.S. Department of Energy is accepting offers for an additional three million barrels of sour crude oil for the nation’s strategic petroleum reserve for delivery in September to the Big Hill SPR site in southeast Texas. DOE said June 9 the deadline to receive offers is June 20. Minimum offer is 300,000 barrels, and maximum is three million barrels of oil produced in the U.S.
The most recent DOE solicitation in May drew 30 offers from 10 companies with five contracts awarded for a total of 3.1 million barrels at an average price of $73 per barrel. The Big Hill SPR site in Jefferson County south of Beaumont can receive up to 225,000 barrels per day of crude.