DOE solicits more oil for U.S. reserves

WASHINGTON, March 19 (UPI) — The U.S. Department of Energy announced its aim to buy up to 4 million barrels of crude oil for the Strategic Petroleum Reserve.

The two sites that may receive either some or all of the additional reserves are the West Hackberry, La., site, and the Bryan Mound, Texas, site. Energy Department will accept bids through April 3 and make final decisions by the following week.

The revenue from the emergency sale in 2005 will be used to purchase the replacement barrels for the Strategic Petroleum Reserve.

In the months following Hurricane Katrina in the fall of 2005, 11 million barrels of oil were sold to make up for the losses. These upcoming sales transactions would be the first direct purchase of crude oil for the reserve since 1994.

UPI