Following an announcement from the U.S. Department of Energy’s Office of Petroleum Reserve on Thursday that it would solicit bids for purchasing oil for the Strategic Petroleum Reserve, an energy analyst questioned the wisdom behind the move.
The DOE unit said it plans to start the purchase with solicitation for up to 6 million barrels of oil for delivery in December 2023 and January 2024. Bids for the first solicitation for December receipt are due no later than 10 a.m. CT on Oct. 24, and the deadline for the second solicitation for January receipt is 10 a.m. CT on Nov. 1, 2023. These purchases will last at least through May 2024.
