WASHINGTON (Reuters) - The U.S. Department of Energy said on Thursday it will sell 7 million barrels of sweet crude oil from the country’s petroleum reserve as it complies with a 2015 law to help fund the federal government.
The DOE will accept offers on the oil until March 21. Delivery of the crude will be from May 1 to May 14, from the Strategic Petroleum Reserve’s (SPR) West Hackberry site, and from May 1 to May 31 from its Bryan Mound site, the DOE said.
The SPR currently holds 666.5 million barrels of oil, more than enough to meet a spare supply agreement with the International Energy Agency. As domestic oil output has grown with the fracking revolution, lawmakers have increasingly seen sales from the reserve as a way to help fund the government.
Reporting by Timothy Gardner; Editing by David Gregorio