Some 12 million barrels of crude oil from the US Strategic Petroleum Reserve went on sale in an auction hosted by the Energy Department (DOE) and announced in a press release on Friday
WASHINGTON (Pakistan Point News / Sputnik - 28th February, 2020) Some 12 million barrels of crude oil from the US Strategic Petroleum Reserve went on sale in an auction hosted by the Energy Department (DOE) and announced in a press release on Friday.
"DOE must receive bids no later than 3:00 p.m. Eastern Time on March 11, 2020. DOE will award contracts to successful offerors no later than March 20, 2020. Deliveries will take place in April and May of 2020," the release said.
The sale of 12 million barrels is part of a life extension project for the Strategic Petroleum Reserve, which was established following the 1973 energy crisis sparked by a Saudi-led Arab oil embargo, the release added.
The reserve consists of federally owned oil stocks that are stored in huge underground salt caverns along the Gulf of Mexico coastline, according to DOE.
