DOE Approves Bids for 11 Million Barrels of Strategic Reserve Crude Oil

Response to Hurricane Katrina Oil Disruptions
Now at  23.6 Million Barrels for U.S. Market

CHRONOLOGY  9.2.05 - Fact Sheet on SPR Crude Oil Exchanges (Updated 9.27.05 - 13KB PDF) 9.2.05 - President Issues Finding of Energy Emergency (White House web site)  9.3.05 - Secretary Bodman Statement 9.6.05 - Sales Process Begins 9.8.05 - Amendment to Notice of Sale        9.9.05 - Offers Received (Successful Offerors Announced on 9.14.05)  9.26.05 -Oil Deliveries Begin

WASHINGTON, DC – Secretary Samuel W. Bodman announced that the Department of Energy has approved bids for the sale of 11 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). Combined with the 12.6 million barrels of crude oil previously approved for loans, these initial SPR releases in response to the disruptions caused by Hurricane Katrina will provide 23.6 million barrels of crude oil for the U.S. market.

"The United States is committed to using all of the tools at our disposal to help keep our oil and gasoline markets well supplied," Secretary Bodman said. "This sale ensures that refineries have the petroleum they need to keep gasoline and diesel fuel flowing to American consumers while production facilities in the gulf region regain their capacity. As we move forward, we will continue to monitor the overall supply of petroleum available and the needs of the nation as we determine next steps."

A list of the successful and unsuccessful offerors is available by clicking on the following link:

• Summary of Offers (85KB PDF) 

For more information, contact: Craig Stevens, DOE Office of Public Affairs, 202-586-4940