WASHINGTON, September 13 (Hfrance.fr) - The US government has agreed to sell crude oil from the country's emergency reserve to eight companies including Exxon, Chevron and Valero, under an auction to raise money for the US budget, the Energy Department said.
Sales were unrelated to the energy disruptions caused by Hurricane Ida that swept through the US Gulf of Mexico and Louisiana, but the timing may still ease some of those supply tensions.
The contracts total 20 million barrels of oil to be delivered by Strategic Petroleum Reserve sites in Texas and Louisiana between October 1 and December 15, the department in a statement dated September 10 posted online on Monday.
The contracts went to Atlantic Trading & Marketing Inc, Chevron USA (CVX.N) , ExxonMobil Oil Corp (XOM.N) , Marathon Petroleum Supply and Trading (MPC.N) , Motiva Enterprises (MOTIV.UL), Phillips 66 Co (PSX.N) , Unipec America Inc and Valero Marketing and Supply Co (VLO.N) , the department said.
Fifteen companies made bids for oil.
The Department issued a tender on August 23 to comply to legislation requiring the sale of the emergency oil reserve.
The sale comes as oil prices are one week high in the midst of US supply concerns over damage from Storm Ida and the continued impact of COVID-19. read more Reporting by Susan Heavey; Editing by Louise Heavens and Edmund Blair
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