US to take advantage of low oil prices, resume filling strategic oil reserves in 2009

05-Jan-09
The US Energy Department seeks to benefit from low oil prices currently at about half their year-ago levels, and has decided to buy 12 mln barrels of crude oil for the 727 mln barrel Strategic Petroleum Reserve and fill it in 2009. The department has issued a solicitation to buy crude oil for the reserve to replenish supplies sold after hurricanes Katrina and Rita in 2005. The Energy Department will buy the new oil with an approximate US$600 mln it got in 2005 from the emergency sales of crude after the two hurricanes. When full, the reserve provides the U.S. with about 70 days of supply.
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