The U.S. Energy Department has unveiled plans to loan as much as 10 million barrels of crude oil from its Strategic Petroleum Reserve (SPR) located in Bryan Mound.
The department is set to accept proposals from interested companies until 11 a.m. Central Time on April 6. This initiative is a part of a broader agreement with 32 nations under the International Energy Agency (IEA) to release 400 million barrels of oil from reserves to ease supply pressures instigated by the ongoing war in Iran.
The oil will be loaned to companies, which will then return it with additional barrels as a premium. The Energy Department assistant secretary of hydrocarbons, Kyle Haustveit, stated that this approach would stabilize markets “at no cost to American taxpayers.”
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