US says bids flow in for petroleum reserve

The government said it had received numerous bids in its first attempt in two years to buy oil on the spot market for the strategic petroleum reserve, but suggested that the prices quoted were rather high. "We have received a good response in the number and types of crude oils offered, but not . . . in price," said a spokesman for the Defense Department's Fuel Supply Center, which is acting as agent for the Energy Department.

Awards of contracts for some 20,000 barrels a day are to be announced Friday evening at the earliest and continue on an open basis.