Happy Monday! Welcome back to another week of ESC’s News Blog!
At this point,
you know how we enjoy writing follow-ups to our Blog! We wrote about the Strategic Petroleum Reserve (SPR) having had purchased or have had returned to them approximately four million barrels of
oil. Last week we spoke about another
request for them to refill another 3.3 million barrels and the proposal closing
was May 14, 2024; they have awarded the contracts.
Did anyone
happen to read the Oil & Gas Journal’s Daily Update Newsletter on May
20, 2024, their article titled, “US signs SPR refill contracts”? In the article, it speaks about the U.S. Department
of Energy (DOE) announced last week it has accepted contracts to refill the SPR for
its Big Hill facility in Texas. The DOE requested proposals for bids to sell them roughly 3.3 million barrels of oil for October delivery,
and they have accepted four companies’ submissions which met their
requirements. The crude is being bought
for a medium price of $79.38/bbl. The
SPR is being refilled for a fair price in a reasonable amount of time which is
the DOE’s Office of Petroleum Reserves’ strategy. If you would like to read more of Oil and
Gas Journal’s article, please click the link: US
signs SPR refill contracts | 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. **