3/26, 3:53 PM (Source: TeleTrader)
more TeleTrader news

US DoE pulls tender for 77M barrels of oil - report

The United States Department of Energy withdrew its tender offer for purchasing 77 million barrels of oil for the Strategic Petroleum Reserve dated March 19, according to a notice from Wednesday.

The decision was made after the department failed to get approval from lawmakers for funding the purchase, Bloomberg said in its report after seeing the notice. "The Secretary calls on Congress to work with the Administration to fund the President’s request as soon as possible," said the department's spokesperson, underlying that "small to medium size American energy companies and their employees should be provided the same relief being provided to other parts of our economy."

If Congress greenlights the funds for the purchase later on, the tender offer will be reissued, according to the notice from the DoE.

Breaking the News / NI