Energy to purchase Sweet Crude Oil for Strategic Petroleum Reserve

U.S. Senator Kevin Cramer (R-ND) issued the following statement on the Department of Energy releasing a Request for Proposals (RFP) to purchase up to one million barrels of sweet crude oil for delivery to the Strategic Petroleum Reserve (SPR):

“I appreciate this effort by Secretary Brouillette, especially the focus on small to mid-sized producers of sweet crude. While this is a positive step for struggling oil producers, we still have much work to do.”

According to the Department’s announcement, Energy will purchase crude sourced from small to midsize U.S. oil producers. This crude oil purchase will serve as a test of the current conditions of physical crude oil available to the SPR.

Energy must receive bids by May 27 and will award contracts by May 29. Deliveries will take place in June or July.