US to Buy 3 Million Barrels of Oil for Reserve in August
- Energy Department to seek offers to buy sour crude oil
- Country’s emergency stockpile is at lowest level since 1980s
The Strategic Petroleum Reserve storage at the Bryan Mound site in Freeport, Texas.
Photographer: Brandon Bell/Getty ImagesThis article is for subscribers only.
The US is soliciting bids for up to 3 million barrels of sour crude oil to refill its depleted Strategic Petroleum Reserve.
Deliveries into the emergency government stockpile are planned for August, with awards to be announced in June, the Energy Department said in its solicitation Monday. The move marks the agency’s second attempt to begin replenishing the Strategic Petroleum Reserve after it released more than 200 million barrels last year, in part to curb high energy prices.