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Valero, Motiva Buyers in Biden’s Oil Reserves Sale

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Twelve companies were awarded all of the 30 million barrels of oil offered from the Strategic Petroleum Reserve, the Energy Department said. These are marked for May-July delivery. This sale is part of a larger release of 180 million barrels of reserve oil during May-October.

Other successful bidders included Atlantic Trading & Marketing Inc, Chevron Corp, Equinor ASA, Exxon Mobil Corp, Glencore Ltd, Marathon Petroleum Supply LLC, Mercuria Energy Group Ltd, Motiva Enterprises LLC, Phillips 66, Shell Plc, and Unipec America Inc.

The Biden administration has been under intense pressure to curb fuel inflation as benchmark oil prices have kept mostly above $100 barrel since the war in Ukraine started despite a series of emergency stock releases by the US and other oil-consuming nations.

“These releases come as a part of a comprehensive plan to address Putin’s price hike at the pump and to establish true energy independence and lower costs for Americans into the future,” the Energy Department said in a statement. The department said the sale is part of an effort coordinated with allies, “to provide a wartime bridge” to help consumers.

The sale tender, which closed April 12, offered mainly sour crude.

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