The Department of Energy’s (DOE) Office of Fossil Energy recently announced that it will sell crude oil from the Strategic Petroleum Reserve (SPR) as early as January 2017. The announcement came after a Continuing Resolution that included a provision for DOE to sell up to $375.4 million in crude oil from the SPR was enacted into law earlier this month. This sale is the first of several planned sales totaling nearly 190 million barrels (Figure 1) during fiscal years 2017 through 2025. These sales reflect provisions in several recent statutes, including sections 403 and 404 of the Bipartisan Budget Act of 2015 (BBA), the Fixing America’s Surface Transportation Act (FAST Act), which became law in December 2015, and the 21st Century Cures Act (Cures Act), which became law earlier this month. …
Source: This Week in Petroleum