GOP Senators Introduce SPR Bill
Friday, December 3, 2021In an attempt to combat rising prices at the pump, the Biden Administration announced early last week a plan to release 50 million barrels of oil from the Strategic Petroleum Reserve.
The move immediately had the opposite effect with a rise in market oil prices. Soon after, there was a sharp drop in prices amid fears of the emergence of the Omicron variant of the coronavirus.
In response to the abrupt price changes and repeated attacks from the administration on the oil and gas sector, GOP Senators have introduced the Strategic Production Response Act. Senators John Hoeven and Kevin Cramer co-sponsored the bill with Senate Committee on Energy and Natural Resources Ranking Member John Barrasso, R-WY, and Senator Steve Daines, R-MT.
The SPR Act seeks to provide a plan to increase oil and gas production on federal land in conjunction with a drawdown of petroleum reserves from the Strategic Petroleum Reserve. The act would prohibit tapping the SPR for reasons other than a severe energy supply interruption unless the Secretary of the Interior issues a plan to increase U.S. oil and gas production.
Senator Hoeven, a member of the Senate Energy and Natural Resources Committee, has been outspoken about his disapproval of the 50 million barrel release.
“This administration put in place energy policies that have drastically restricted American energy production and caused prices to increase for consumers," said Hoeven. "Rather than tapping into our nation’s Strategic Petroleum Reserve, which is intended for emergency purposes, the administration should boost production of American energy to help lower prices and ensure our energy independence." Click here to read Hoeven's full statement.
Senator Cramer has also been a strong advocate for the energy industry and critical of the Biden administration's energy policies affecting North Dakotans.
“Joe Biden’s inflation is not a national emergency, it’s a problem of his own making, especially when you consider places like the Bakken and Permian Basin are fully capable of meeting America’s energy needs," Cramer said. "Our legislation requires the administration to increase energy production on lands and waters owned by the taxpayer before resorting to tapping the reserve." Click here to read Cramer's full statement.
Click here to read the full text of the legislation.