Reuters WASHINGTON – The United States could begin purchasing U.S. produced crude oil for the Strategic Petroleum Reserve in as soon as two weeks and fill it in several months, an Energy Department source said on Monday. President Donald Trump said late on Friday that he has ordered the Energy Department to fill the reserve. The move was aimed at
Yesterday the U.S. Department of Energy’s Office of Fossil Energy announced it would sell up to six million barrels of crude oil from the Strategic Petroleum Reserve (SPR) in a price-competitive bid sale. In FY 2019, the DOE is authorized to sell up to $300 million worth of crude oil from the SPR. DOE plans to draw down and sell
Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a design capacity of 714 million barrels and store emergency
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