Department of Energy will fill Petroleum Reserve
At the direction of the President of the United States, Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.
“DOE is moving quickly to support U.S. oil producers facing potentially catastrophic losses from the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors,” said U.S. Energy Secretary Dan Brouillette.
Under this initial solicitation, DOE will purchase up to 30 million barrels of sweet and sour crude oil with a focus on small to midsize U.S. oil producers.
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