DOE TO BUY MORE CRUDE FOR SPR

The U.S. Department of Energy plans to buy another 1.6 million bbl of crude for the Strategic Petroleum Reserve. It is buying 1 million bbl of North Sea sweet from Statoil North America Inc. for $20.55/bbl, not including transportation. And it is buying 600,000 bbl of Brent North Sea sweet from Phibro Energy Corporation Inc. for $20.90/bbl, also not including transportation. In both cases, the oil will be stored in the SPR by mid-September. Earlier this summer, DOE bought 1 million bbl of

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