On March 13, President Donald Trump announced he had directed the U.S. Department of Energy (DOE) to begin purchasing oil for the Strategic Petroleum Reserves (SPR). The DOE immediately took action March 19 by issuing a request for proposal (RFP) for 30 million barrels of crude oil. However, this plan was scrapped after the DOE failed to secure funding as part of the CARES Act stimulus bill signed in March.
As an alternative, on April 2, the Trump administration announced the DOE would instead lease space within the SPR to private companies. Following this announcement, the DOE released an RFP to provide crude oil storage for 30,000,000 barrels through time exchanges. All submissions for this RFP must be received no later than 11 a.m. CST April 9. Based on the foregoing, further RFPs are expected in the coming months with the DOE projected to lease storage for a further 47 million barrels of crude oil produced in the United States.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]