US Energy Dept Awards More Companies Crude Oil from Strategic Reserves

The six companies named as winners in the latest sale of Strategic Petroleum Reserve crude oil include Valero, Phillips 66, Motiva Enterprises, Marathon Petroleum, Gunvor USA and Exxon Mobil.

Kanishka Singh, Reuters

The U.S. Energy Department said on Jan. 13 it had sold 18 million barrels of strategic crude oil reserves to six companies, including Exxon Mobil and a unit of refiner Valero Energy Corp., after saying last year it would sell reserves to try to tamp down rising oil prices.

The Biden administration said last year that it would accelerate a previously approved sale of barrels—and loan out another 32 million barrels of crude—to try to lower oil prices that had reached multiyear highs. After a brief sell-off, the oil market's rally has resumed its upward path.

The largest bidder was Valero Marketing and Supply, which bought more than 8 million barrels, the Energy Department said in a statement on Jan. 13.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access