U.S. sales of reserves in works 'for many months'-Energy Department

by Reuters
Wednesday, 12 March 2014 15:01 GMT

WASHINGTON, March 12 (Reuters) - The U.S. Energy Department said on Wednesday that it has been discussing the release of 5 million barrels of crude from its emergency reserves for "many months" and the sale was timed to work with Gulf Coast refineries' maintenance cycles.

"The release of up to 5 million additional barrels of sour crude into the marketplace through the proposed test sale is expected to have minimal market impact," the department said in a statement.

The Energy Department last did a test sale to check how well its reserves infrastructure and distribution system was operating in 1990, but the reserves have been tapped several times since for emergencies. (Reporting by Roberta Rampton; Editing by Doina Chiacu)

Latest News
Comments Close
U.S. sales of reserves in works 'for many months'-Energy Department

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of the Thomson Reuters Foundation. For more information see our Acceptable Use Policy.

comments powered by Disqus