The US Department of Energy announced today, Monday, that it will sell up to 25 million barrels of crude oil from its strategic reserve.
Washington – Sputnik. “The Department of Energy’s Office of Fossil Energy and Carbon Management today announced a notice to sell crude oil from the Strategic Petroleum Reserve,” it said in a statement.
The statement added that the Ministry of Energy intends to sell up to 25 million barrels of crude oil from the Strategic Petroleum Reserve.
The administration indicated that up to 8 million barrels will be sold from the Bryan Mound site, up to 8 million barrels from Big Hill, up to 8 million barrels from West Hackberry and up to 1 million barrels from Bayou Choctaw.
The Department of Energy must receive bids no later than 10:00 am Central Time, Tuesday, August 31, and contracts will be awarded to successful bidders no later than September 13. Deliveries are scheduled to take place between October 1 and December 15.
The ministry indicated that the strategic oil reserve is the largest of its kind in the world. Federally owned oil is stored in underground salt caverns at four storage sites in Texas and Louisiana.