Non-Emergency Sales
FY 2020 MANDATED SALES
The Consolidated Appropriations Act of 2018 directs the Secretary of Energy to draw down and sell a total of 10 million barrels of SPR crude oil in the years 2020 and 2021. Of this amount, DOE is selling up to 5 million barrels in FY 2020. Section 403 of the Bipartisan Budget Act of 2015 requires the Secretary of Energy to draw down and sell a total of 58 million barrels of crude oil from the SPR, over 8 consecutive FYs, commencing in FY 2018. Of this amount, DOE is selling 5 million barrels in FY 2020. A total of 9.85 million barrels of crude oil was delivered in October and November 2019, raising a total of $566.6 million in revenue for the U.S. Treasury, for an average of nearly $57.52 per barrel.
FY 2019 SPR MODERNIZATION SALE
Section 404 of the Bipartisan Budget Act of 2015 authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years (FY) 2017 through 2020, to carry out an SPR modernization program. The FY 2019 Appropriations for the Strategic Petroleum Reserve, enacted on October 1, 2018, included a provision to allow DOE to sell up to $300 million worth of crude oil from the SPR, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale were deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2019. A total of 4.2 million barrels, raising $300 million, was delivered in April and May 2019.
FY 2019 MANDATED SALES
Under Section 5010 of the 21st Century Cures Act, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over 3 consecutive fiscal years, beginning in FY 2017. Of this amount, DOE is selling 6 million barrels in FY 2019. Under Section 403 of the Bipartisan Budget Act of 2015, the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over 8 consecutive FYs, commencing in FY 2018. Of this amount, DOE is selling 5 million barrels in FY 2019. A total of 10.87 million barrels of crude oil was mostly delivered in October and November 2018 (with the final deliveries taking place in December 2018), raising a total of $745.7 million in revenue for the U.S. Treasury, for an average of nearly $69 per barrel.
FY 2018 SPR MODERNIZATION SALE
Section 404 of the Bipartisan Budget Act of 2015 authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years (FY) 2017 through 2020, to carry out an SPR modernization program. On February 9, 2018, a Continuing Resolution was passed that included a provision to allow DOE to sell up to $350 million worth of crude oil from the SPR, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale will be deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2018. A total of 4.74 million barrels, raising $347.8 million, was delivered in April and May 2018, with the final delivering taking place in early June 2018.
FY 2018 MANDATED SALES
Under Section 5010 of the 21st Century Cures Act, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years, beginning in FY 2017. Of this amount, DOE offered 9 million barrels as required for FY 2018. Under Section 403 of the Bipartisan Budget Act of 2015, the Secretary of Energy is directed to draw down and sell a total of 58 million barrels of crude oil from the SPR, over eight consecutive FYs, commencing in FY 2018. Of this amount, DOE offered 5 million barrels as required for FY 2018. A total of 14.17 million barrels of crude oil was mostly delivered in October and November 2017 (with the final deliveries taking place in May 2018), raising a total of $824.8 million in revenue for the U.S. Treasury, for an average of more than $58 per barrel.
FY 2017 MANDATED SALES
Under Section 5010 of the 21st Century Cures Act, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years, beginning in FY 2017. Of this amount, DOE offered 10 million barrels as required for FY 2017. A total of 9.89 million barrels of crude oil was delivered in May and June 2017 (with the last delivery taking place in early July), raising a total of $449.2 million in revenue for the U.S. Treasury, for an average of more than $45 per barrel.
FY 2017 SPR MODERNIZATION SALE
Section 404 of the Bipartisan Budget Act of 2015 authorizes the Secretary of Energy to draw down and sell up to $2 billion of SPR crude oil, for fiscal years 2017 through 2020, to carry out an SPR modernization program. On December 10, 2016, a Continuing Resolution was passed that included a provision to allow DOE to sell up to $375.4 million worth of crude oil from the SPR in Fiscal Year 2017, to carry out the SPR Life Extension Phase II project—a component of the SPR modernization program. The proceeds from this sale will be deposited into DOE’s Energy Security and Infrastructure Modernization Fund during fiscal year 2017. A total of 6.28 million barrels, raising $323.2 million, was delivered in February, March, and April 2017.
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