March 20, 2020
U.S. Department of Energy Purchases Crude Oil
Read DOE Press Release
At the direction of United States President Donald J. Trump, the Department of Energy (DOE) will fill the Strategic Petroleum Reserve (SPR) to its maximum capacity by purchasing 77 million barrels of American-made crude oil. Today, DOE announced a solicitation for the purchase of an initial 30 million barrels to begin filling the SPR. Solicitations for additional purchases will follow. Under this 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.
Today’s solicitation is the first step toward filling the SPR to its maximum capacity. The Department is working with Congress to finalize the funding to support the purchase of the full 77 million barrels of oil, consistent with the President’s directive.