DOE seeks bids for first 86 million barrels of SPR exchange

The Energy Department asked for bids on an exchange of 86 million barrels from the Strategic Petroleum Reserve, the first part of the 172 million barrel US release. Bids were due by 5 p.m. CT on March 17. Companies return the borrowed oil later with extra barrels, and the department says it expects about 200 million barrels back within a year.

• 86 million barrels offered as an exchange
• Bids due 5 p.m. CT on March 17
• About 200 million barrels expected back within a year, roughly 20% more than drawn
• Release expected to take about four months