U.S. Department of Energy Rejects Initial Bids to Resupply Oil Stockpile
(Reuters) — The U.S. Department of Energy has rejected the first batch of bids from oil companies to resupply a small amount of oil to the nation’s emergency crude oil stockpile in February, according to a DOE spokesperson.
The DOE last month had said it would purchase up to 3 million barrels for delivery to the Strategic Petroleum Reserve in February, the first buy since last year’s record 180-million-barrel release to tame U.S. pump prices.
RELATED: US Sells Oil from Emergency Reserve to Marathon, Equinor, Others
“Following review of the initial submission, DOE will not be making any award selections for the February delivery window,” the spokesperson said in an emailed statement.
“DOE will only select bids that meet the required crude specifications and that are at a price that is a good deal for taxpayers,” the spokesperson said.
Details about the submissions were not available.
President Joe Biden had announced the 180-million-barrel sale in late March to combat surging gasoline prices after the February invasion of Ukraine by Russia, the world’s largest exporter of fossil fuel.
That sale shrunk levels in the SPR to the lowest since 1984.
The administration has said it wants to repurchase the oil at around $70 a barrel.
Related News
Related News
- Repsol Ditches Plans to Develop LNG Terminal on Canada’s East Coast
- Kazakh Oil Decouples from Russian Crude But Risk Weighs on Price
- Pipeline Operator TC Energy Says Stress, Weld Fault Caused Keystone Oil Spill
- US to Sell 26 Million Barrels of Oil Reserves As Mandated by Congress
- Ukraine to Jointly Buy Gas with European Union Countries
- Company Cancels Byhalia Connection Pipeline Project
- US Intelligence Suggests Pro-Ukrainian Group Sabotaged Nord Stream Pipelines -NYT
- EIA: US Natural Gas Output to Hit Record High in 2023, Demand to Fall
- US Regulator Orders Lower Pressure on Keystone Pipeline System After Spill
- US Carbon Pipeline Faces Setback as Residents Refuse to Cede Land Rights
Comments