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Department of Energy Update on Strategic Petroleum Reserve Sale

WASHINGTON, DC–(ENEWSPF)–July 11, 2011.  Today the Department of Energy announced the completion of the bid process and successful contract award for the full 30.64 million barrels sold through its competitive sale process. A total of 28 contracts were awarded to 15 companies. The Department is currently coordinating with the successful contract awardees, the Maritime Administration, and the Department of Homeland Security to facilitate and streamline deliveries, including those for companies that have requested early delivery of the crude oil in July 2011.

This completes the initial phase of the drawdown of the Strategic Petroleum Reserve as directed by President Obama and fulfills the United States’ obligation under the International Energy Agency response to offset the disruption in oil supply caused by unrest in the Middle East.

A list of contract awards and abstract of all offers is available on the Strategic Petroleum Reserve website.

Source: energy.gov

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