The U.S. Department of Energy’s Office of Fossil Energy and Carbon Management recently announced a notice of sale of crude oil from the nation’s strategic petroleum reserve.
According to an April 1 news release, the notice of sale came on the heels of President Joe Biden’s announcement that the petroleum reserve would be used to head off rising crude oil prices driven by Russia’s Feb. 24 invasion of Ukraine.
“The SPR will release approximately 1 million barrels of crude oil per day over the next six months,” the department reported. “Crude oil in this emergency sale will enter the market in two releases.”
According to the DOE, the first release will include 90 million barrels between May and July through two notices of sale totaling 70 million barrels and 20 million barrels already slated to be released in May.
The DOE announced an additional 90 million barrels will be released later this year, from August to October.
The DOE noted the strategic petroleum reserve, which is the largest supply of emergency crude in the world, is stored in underground salt caverns at storage sites in Texas and Louisiana. It was also announced the first sales of crude will be drawn from four locations, including 20.5 million barrels from Big Hill, 21.5 million barrels from West Hackberry, 18 million barrels from Bryan Mound and 10 million barrels from Bayou Choctaw.
