Archive for Saturday, April 5, 2008
Department solicits more oil for reserve
April 5, 2008
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Washington, D.C. — The Energy Department said Friday it would continue putting oil into the Strategic Petroleum Reserve even as crude oil prices remain above $100 a barrel.
The department announced a solicitation of bids for 13 million barrels of oil, with deliveries expected to begin in August, when the current delivery contracts expire. Oil will be put into the reserve at about 76,000 barrels a day, about the same rate as current deliveries, through December.
Bids are due by May 13, the department said.
The government reserve, which was created to serve as a cushion against major oil supply disruptions, has a capacity of 727 million barrels. It now holds about 700 million barrels.
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