The sale resulted in award of 11 million barrels of crude oil to five companies who submitted favorable bids. The 550,000 barrel cargo of sweet crude oil intended for Marathon Petroleum was delivered from the Bryan Mound, Texas, site through the Jones Creek Tank Farm this week. Transfer of all of the contracted crude oil will continue in batches throughout October.
In addition to the competitive sale of crude oil, the Strategic Petroleum Reserve also approved loans of crude oil immediately after the devastation of Hurricane Katrina was realized, of up to 13.2 million barrels to refiners whose deliveries were interrupted. Over six million barrels of oil have been delivered to date.
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