Under the direction of the President, DOE will fill the Strategic Petroleum Reserve to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Later this morning, DOE will announce a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow.
We are moving quickly to support the challenges that U.S. oil producers are facing because of the impacts of COVID-19 and the intentional disruption to world oil markets by foreign actors.
Under today’s initial solicitation, DOE will purchase up to 30 million barrels of sweet and sour crude oil with a focus on small to midsize U.S. oil producers.
HERE is a copy of the RFP.