Strategic Petroleum Reserve draw down to meet legislated requirements.
The U.S. Department of Energy recently announced a notice of sale of crude oil from the Strategic Petroleum Reserve (SPR). A 2015 budget act and a 2018 appropriations act each mandated the sale of approximately 5 million barrels of oil during the 2021 fiscal year. Bids will be received until February 24.
The department said in a statement, “The SPR is the world’s largest supply of emergency crude oil, and the federally-owned oil stocks are stored in underground salt caverns at four storage sites in Texas and Louisiana. The SPR has a long history of protecting the economy and American livelihoods in times of emergency oil shortages. Those include hurricanes and geopolitical events as well as times when there are oil surpluses, such as those caused by COVID-19-related demand destruction.”
As the Lord Leads, Pray with Us…
- For the Department of Energy as officials seek to meet Congressional mandates of crude oil sale.
- For communities affected by hardships and disasters that require additional fuel.
Sources: Energy.gov
