Following a rigorous competitive selection process, the Department of Energy (DOE) has announced that Strategic Storage Partners has secured a $1.4 billion contract to manage and operate the Strategic Petroleum Reserve (SPR). This includes the operation and maintenance of facilities and related systems located in Louisiana and Texas over a five-year period, with an option for DOE to extend the contract for an additional five years.
After a transition period, Strategic Storage Partners will assume responsibility for management and operation of the SPR on June 15, 2025.
The SPR’s mission is to safeguard the United States from significant petroleum supply disruptions through the acquisition, storage, distribution, and management of emergency petroleum stocks, fulfilling U.S. obligations under the International Energy Program. Federally owned oil stocks are stored in underground salt caverns at four sites located in Texas and Louisiana. The SPR has a longstanding history of protecting the U.S. economy and livelihoods during emergency oil shortages.
This announcement underscores President Trump’s commitment to advancing initiatives that support American jobs, strengthen domestic supply chains, and reinforce the United States’ position as a global energy leader.
Source: Department of Energy
