The United States is considering releasing up to 92.5 million barrels of crude oil from its Strategic Petroleum Reserve (SPR), with the Department of Energy (DOE) soliciting bids from companies.
“Today’s solicitation opens competitive bidding, continuing DOE’s execution of President Trump’s swift 172-million-barrel release as part of a coordinated 400-million-barrel action by International Energy Agency (IEA) member nations’ strategic reserves,” the DOE said in a statement on April 30.
The 172-million-barrel release was announced in March to tackle rising oil prices amid the Iran War. At the time, the DOE had said that the full release would take roughly 120 days to deliver and that it expected a total of around 200 million barrels to be returned to the SPR within the next year “at no cost to the taxpayer.”…