Happy Two for Tuesday!
Did anyone hear about the announcement the Department of Energy (D0E) made from the Office
of Cybersecurity, Energy Security, and Emergency Response made on October 19,
2023, they made an announcement titled, “U.S. Department of Energy Announces
Monthly Solicitations to Purchase Oil for Strategic Petroleum Reserve Replenishment
- October Solicitation for 6 Million Barrels Continues Biden-Harris
Administration’s Commitment to Replenish Reserve at a Good Deal for American
Taxpayers, Maintain the SPR’s Operational Readiness, and Protect the Nation’s
Energy Security”? The announcement goes
on to speak about how the DOE is requesting monthly proposals to sell oil to the Strategic Petroleum Reserve (SPR) the with the intent to refill the SPR with approximately six
million barrels to be delivered by January 2024, and these monthly requests for proposal will
go on until at least May 2024. The
proposals are part of a three-part plan to refill the SPR, with the idea of
getting the best bang-for-their-buck for the American people and these buybacks
are the continuation of the plan with the first round refilling it with 4.8 million
barrels for under $73 a barrel. The first posting was up on October 19, 2023,
requesting proposals for up to three million barrels to be submitted to the SPR
Project Management Office (SPRPMO) in New Orleans, Louisiana by October 24,
2023 before 11 a.m. C.T., with delivery for December 2023 at Big Hill storage
facility. The second request for a proposal
was posted the same day with proposals for up to three million barrels being
accepted until November 1, 2023 before 11 a.m. C.T. and delivery for January 2024 at Big Hill storage facility. The SPR is
located in the Texas and Louisiana underground in salt domes in four locations:
Bryan Mound, Big Hill, West Hackberry, and Bayou Choctaw. This is good news that the SPR is being
refilled at the best price especially in the volatility in the market these
days! If you would like to read more of the
announcement from DOE’s Office of Cybersecurity, Energy Security, and
Emergency Response, please click the link: U.S. Department of Energy Announces Monthly Solicitations to Purchase Oil forStrategic Petroleum Reserve Replenishment | Department of Energy.
If you would
like help in looking into how to transport your product and help reduce your
carbon-foot print, contact us via the email in the blog and check out our ESC's website!
We hope you have a wonderful evening!
**Disclaimer: Please see postings for specifics on date and
times for proposals. **