Traders and oil refiners are among the 15 companies that are buying roughly 30.6 million barrels of crude from the United States’ emergency stockpiles, the Energy Department announced today.
The government inked 28 contracts to sell the oil, with prices ranging from $104.97 to $109.26 per barrel. According to a government list of the winning bids, Barclays Bank nabbed the lowest price in the auction, while the nation’s largest refiner, Valero, paid the highest amount for a portion of the crude it snapped up in the sale.
All told, the government is set to take in about $3.3 billion from the sale.
Monday, July 11, 2011
Feds sell 30.6 million barrels of emergency crude to 15 companies
The Houston Chronicle reports:
