Happy Tuesday!
At this point,
you know how we enjoy writing follow-ups to our Blog! We spoke on the Northeast Gasoline Supply Reserve (NGSR) having a sale on approximately 42
million gallons of gasoline back in May with delivery by June 30th.
Did anyone
happen to read the DOE’s CESAR Updates Newsletter on July 2, 2024, their
update included an announcement for, “U.S. Department of Energy Award Contracts
for the Sale of Northeast Gasoline Supply Reserve As Americans Hit The Road for
Summer Driving Season”? In the DOE’s
updates, they speak about the five companies who were the winners of the liquidation
sale of gasoline from the Northeast Gasoline Supply Reserve’s facilities. There were 19 proposals from five companies
were filed for the May RFP, and all the companies had bids accepted. Contracts were signed by the following companies
and their respective acquisitions: BP (500,000 barrels), George W. Warren, LLC
(100,000 barrels), Vitol (200,000 barrels), Freepoint Commodities (200,000 barrels),
and Irving Oil (98,824 barrels). The mean
price of the gasoline sold was $2.34 per gallon which will reduce retail prices
mostly in the Northeastern states of the U.S.
The respective companies collected their gasoline from one of the two
locations of the NGSR by the end of June, and the gas hit the market to
reduce costs for the upcoming 4th of July holiday which is one of
the biggest road trip days. If you would
like more information on the DOE’s CESAR Update on the NGSR,
please click the link: DOE Awards Contracts for the Sale of Northeast Gasoline Supply Reserve as AmericansHit the Road for Summer Driving Season | Department of Energy.
If you would
like to read more on the SPR’s Northeast Gasoline Supply Reserve, please
click the link: Creating the Northeast Gasoline Supply Reserve | 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: Please see Announcement from the DOE for
specifics on the gasoline liquidation. **