The US Department of Energy May 15 announced plans to repurchase oil to begin replenishing the Strategic Petroleum Reserve, fulfilling Energy Secretary Jennifer Granholm’s commitment to lawmakers to begin the refill process this summer. The DOE issued a solicitation for up to 3 million barrels of sour crude for delivery in August to the Big Hill SPR site in Texas. Bids of at least 300,000-barrel minimum offer quantities are due by 10 am CT May 31, and contracts will be awarded no later than June 16, according to the solicitation.
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