DOE Awards 13.4 Million Barrels From Strategic Oil Reserve
01.31.2022 By Ricardo Perez - NEWS

January 31, 2022 [CSP] – The U.S. Department of Energy (DOE) has approved seven additional exchanges of 13.4 million barrels of crude oil for release from the Strategic Petroleum Reserve (SPR).

 

These releases fall under the authorization published in the DOE announcement on Nov. 23, 2021, in response to high oil prices to help ensure adequate supply and to lower pump prices during the pandemic, President Biden said at the time.

The agency awarded exchange contracts to the following companies:

Shell Trading US Co. (4.2 million barrels)
Trafigura Trading LLC (3 million barrels)
Phillips 66 Co. (2.3 million barrels)
Macquarie Commodities Trading (2 million barrels)
Chevron U.S.A. Inc. (0.885 million barrels)
ExxonMobil Oil Corp. (0.515 million barrels)
BP Products North America (0.5 million barrels)

Combined, DOE has provided nearly 40 million barrels of SPR crude oil to boost the nation’s fuel supply, including five previous exchanges. This is the second-largest crude oil exchange in U.S. history, with the first being the 2000 Heating Oil Exchange. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.

Click Here to Access a 10,390 Tank Terminal Database With a Pro Trial

10,390 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More