US Department of Energy’s Office of Petroleum Reserves said contracts have been awarded to five companies for the sale and liquidation of 1m bbls of gasoline in the Northeast Gasoline Supply Reserve, according to a statement.
- BP was awarded 500k bbl, Vitol 200k bbl, George E. Warren LLC and Freepoint Commodities each got 100k bbl, and Irving Oil ~98.8k bbl
- The 1m bbl, or 42m gallons, are being sold at an average price of $2.34 per gallon
- DOE said it timed and structured the sale to help lower prices at the pump as Americans hit the road in the summer ...
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