The U.S. Department of Energy (DOE) approved seven additional exchanges of 13.4 million barrels of crude oil for release from the Strategic Petroleum Reserve (SPR). These releases fall under the authorization published in the DOE announcement
on November 23, 2021. Exchange contracts were awarded to the following companies:
- Shell Trading US Company (4.2 million barrels)
- Trafigura Trading LLC (3 million barrels)
- Phillips 66 Company (2.3 million barrels)
- Macquarie Commodities Trading (2 million barrels)
- Chevron U.S.A. Inc. (0.885 million barrels)
- ExxonMobil Oil Corporation (0.515 million barrels)
- BP Products North America (0.5 million barrels)
Combined, DOE has provided nearly 40 million barrels of SPR crude oil to boost the nation’s fuel supply
, including five previous exchanges. This is the second-largest crude oil exchange in U.S. history, with the first being the 2000 Heating Oil Exchange
. As with all exchanges, companies that receive SPR crude oil through the exchange agree to return the amount of crude oil received, as well as an additional amount, dependent upon the length of time in which they hold the oil.
Additional information about SPR exchanges can be found here
Those interested in receiving future announcements from DOE’s Office of Fossil Energy and Carbon Management can sign up here.
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Studio Sponsor: The Industrial Forest
The Industrial Forest is a network of environmentally minded and socially conscious businesses that are using industrial innovations to build a network of sustainable forests across the United States.
Weekly Sponsor: Korwell Energy
Korwell Energy is an industry leading designer, ASME code manufacturer, and remanufacturer of production equipment for oil and gas producers, throughout the Rocky Mountain Region.
They retain both an ASME U and R stamp. Their 28,000 sq ft of manufacturing shop with overhead cranes create a safe and productive environment for their team who collectively have over 75+ years of experience in manufacturing of ASME Oil and Gas production equipment.
Korwell prides themselves on outstanding customer service, expertise, and cutting-edge technology to partner with customers to maximize their individual production goals and help comply with ever changing regulations.
Weekly Sponsor: Great American Mining Co
Great American Mining monetizes wasted, stranded and undervalued gas throughout the oil and gas industry by using it as a power generation source for bitcoin mining. We bring the market and our expertise to the molecule. Our solutions make producers more efficient and profitable while helping to reduce flaring and venting throughout the oil and gas value chain.
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