U.S. Strategic Oil Sale Attracts at Least Two Foreign Bidders
- Interested companies need to submit bids Monday morning: DOE
- U.S. set to issue a sales tender for more oil later this month
Photographer: Daniel Acker/Bloomberg
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The Biden administration’s efforts to lower energy costs takes a step forward Monday, with bids due for the first 32 million barrels of crude planned for release from federal stockpiles.
Bids for the exchange offer, which is the first part of government’s 50 million-barrel release from the Strategic Petroleum Reserve, were due at 10 a.m C.T., the Department of Energy said when it first announced the release last month. Although winning bids won’t be announced until Dec. 14, at least two international oil refiners have expressed interested in the swap, according to people familiar with the matter.