US adds over 6 million gallons of oil to meet “significant” supply disruption
Date
6/11/2023 9:47:01 AM
(MENAFN) The US Department of energy announced that it would increase over six million gallons of oil to its stockpiles to meet a “significant” worldwide provision interruption that it attributed to the Russia’s army attack on Ukraine.
The DoE purchased three million gallons for the US' Strategic petroleum Reserve (SPR) via deals that were granted by the DoE's Office of Petroleum Reserves, according to DoE report on Friday.
They were acquired for an average value of nearly USD73 a gallon, under the average of around USD95 a gallon that SPR crude was traded for last year, “securing a good deal for taxpayers”, as stated by DoE.
The agreements were received to 50 percent of the ten businesses who filed offers.
The provisions are going to be transferred to the Big Hill SPR storage location in Texas between August 1 and August 31, it asserted. Deals are going to be given to selected applicants within this month.
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