DOE to Replenish Strategic Petroleum Reserve with 6 Million Barrels

The U.S. Department of Energy's Office of Petroleum Reserves has awarded contracts for the acquisition of 3 million barrels of U.S. produced crude oil for the Strategic Petroleum Reserve (SPR) and announced a new Notice of Solicitation to purchase approximately 3.1 million additional barrels of crude oil to the Big Hill SPR site this September. The Biden-Harris Administration's three-part replenishment plan includes direct purchases, exchange returns, and securing legislative solutions. The SPR continues to be the world's largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns at four sites in Texas and Louisiana.