DOE marks progress on crude, heating oil reserves

After reviewing industry bids this summer, the US Department of Energy said it will sign new leases with the same storage terminal operators that currently manage the government's 2 million bbl Northeast Home Heating Oil Reserve.Leases will be signed with Motiva Enterprises LLC, Morgan Stanley Capital Group Inc., and Amerada Hess Corp.DOE originally negotiated 1-year leases with the companies in 2000 and subsequently exercised 1-year extensions. This time, the department will sign 1-year leases with options to extend them for up to 4 years.Amerada Hess currently maintains 1 million bbl of the government's heating oil reserve at Woodbridge, NJ, in the New York Harbor area; Morgan S...

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