US tightens rules for bids to tap nation's oil reserve
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17/10/2000
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Asian Wall Street Journal (Hong Kong)
The US Energy Department tightened its rules for traders who want to bid on oil from the nation's Strategic Petroleum Reserve, requiring them to post a substantial bond for the oil they are requesting before their bids will be considered. The changes came after two small companies that made the largest hids in the recent auction for government oil won awards for a total of seven million barrels. The deals fell through when they failed to obtain the necessary financial backing.