Eleven companies to draw crude from SPR

The US Department of Energy last week accepted bids from 11 companies seeking 30 million bbl of oil from the Strategic Petroleum Reserve.The Clinton administration had said it would release the crude in order to increase US heating oil production and inventories. DOE said heating oil stocks in the Northeast are about 65% below levels a year ago.DOE has estimated that releasing 30 million bbl of crude this fall could result in additional production of 3-5 million bbl of heating oil.The companies will return 31.5 million bbl to the SPR between August and November 2001.Energy Sec. Bill Richardson said, "These companies offered the best value in terms of restocking the strategic reserve a yea...

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