Valero’s trading arm was the largest buyer of crude oil in the Biden administration’s latest sale of emergency stocks that are part of its efforts to combat surging energy prices in the wake of Russia’s war.
Nine companies were awarded 36.3 million barrels of oil offered from the Strategic Petroleum Reserve for delivery between June and August, the Energy Department said in a statement. This sale, consisting of mainly sour crude, is part of a larger release amounting to 180 million barrels of reserve oil scheduled to occur between May and October.
The US began releasing tranches of emergency ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.