Winning Bids for Oil Reserve Sale: The...
From Times Staff and Wire Reports
Winning Bids for Oil Reserve Sale: The Energy Department announced its list of successful bidders in the test sale of up to 5 million barrels of oil from the 590-million-barrel Strategic Petroleum Reserve. Eleven firms will buy a total of just under 4 million barrels of the oil, about a million barrels less than expected. That’s because there were no bids for one grade of sour crude oil, the department said. Amoco Oil Co. will buy the largest amount of oil, 1.12 million barrels. Other winning bids came from BP Oil Supply Co., Citgo Petroleum, Mobil Oil Corp. and Shell Oil Co.