February 28, 2019 / 3:43 PM / in 4 months

U.S. offers up to five mln barrels of oil from emergency reserve

WASHINGTON, Feb 28 (Reuters) - The U.S. Energy Department said on Thursday it is offering up to five million barrels of sweet crude oil from the national emergency reserve in a sale mandated by previous laws to raise funds to modernize the facility.

Laws passed by Congress in previous years require the department to hold sales to pay for improvements at the Strategic Petroleum Reserve which is held in caverns on the coast of Texas and Louisiana. (Reporting by Timothy Gardner and Valerie Volcovici Editing by Chizu Nomiyama)

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