Happy Wednesday!
At this point,
you know how we enjoy writing about a follow-up story! Back on January 4, 2024, we
wrote about the Strategic Petroleum Reserve (SPR) buying three million barrels for the SPR in Big Spring, Texas
for March delivery in December. They made
a request for another three million barrels for April 2024 in January. The strategy which has been used is refilling
the American asset in a timely manner!
Did anyone
happen to read the Oil & Gas Journal’s Daily Update Newsletter on February
27, 2024, their article titled, “DOE seeks another 3 million bbl of crude to
refill Strategic Petroleum Reserve”? In
the article, it speaks about the U.S. Department of Energy (DOE) making another
request for three million barrels of sour crude for August delivery which is
part of their 3-part strategy to refill the SPR. The DOE made an announcement on February 26, 2024, for proposals to sell them sour crude for delivery at their
facility at Big Hill, Texas the bids are due by March 6, 2024, prior to 11 a.m.
Central Time.
The DOE started
making requests to refill the SPR in the second half of 2023, and they have restored
23.08 million barrels of crude as well as 4 million barrels of exchanged crude
has been returned. They will be
continuing their strategy to refill the SPR until they have returned to full
capacity. If you would like to read more
of the Oil & Gas Journal’s article, please click the link: DOE
seeks another 3 million bbl of crude to refill Strategic Petroleum Reserve |
Oil & Gas Journal (ogj.com)
If you would
like to read about the SPR’s Sale and Exchange Program, please click the link: SPR Sales and Exchanges | Department of Energy.
If you would
like help in looking into how to transport your product efficiently, safely, and
with less of a carbon footprint or just find out what is underneath your feet
to help with your emission reduction goals, contact us via email in the blog
and check out our ESC's website!
We hope you have a wonderful evening and a productive week!
**Disclaimer: You may be charged a fee to read The Oil
and Gas Journal’s article. **