Contracts have been awarded to companies, and one million barrels of crude oil have been purchased.
The Department of Energy (DOE) has awarded contracts to acquire approximately one million barrels of crude oil for the Strategic Petroleum Reserve (SPR). While the reserve has a capacity for 714 million barrels, it currently holds just over 400 million. The significant deficit in the stock started in 2022, when 180 million barrels of crude oil were released into the U.S. economy, which was done to improve supply and cost for American consumers.
The department released a Request for Proposal (RFP) last month, inviting bids of purchase through contracts. After eighteen offers were submitted from six companies, contracts were awarded to companies that provided “the most competitive bids that met all quality and specification requirements.”
Energy Secretary Chris Wright said, “President Trump promised to protect America’s energy security by refilling and managing the Strategic Petroleum Reserve more responsibly. Awarding these contracts marks another step in the important process of refilling this national security asset.”
As the Lord Leads, Pray with Us…
- For Secretary Wright would be led by the Lord as he heads the Energy Department.
- For U.S. energy officials to be discerning as they seek to ensure supply chains and strengthen power grids.
Sources: Department of Energy
