U.S. refiner Phillips 66 on Monday said it would buy crude from the U.S. Strategic Petroleum Reserve (SPR) after submitting a winning bid in an auction held earlier this month by the U.S. Department of Energy.
It was not immediately known which other companies submitted winning bids for the up to 8 million barrels of sweet crude being sold from the strategic reserves. Continue reading “Phillips 66 to buy crude from U.S. Strategic Petroleum Reserve”