WASHINGTON - Senator John Hoeven, along with Representatives Lizzie Fletcher and Michael Burgess, today announced that they are introducing bipartisan, bicameral legislation in the U.S. Senate and the U.S. House of Representatives respectively to provide $3 billion in funding to purchase crude oil produced in the United State for the Strategic Petroleum Reserve (SPR). The legislation aligns with the request made by President Donald J. Trump and Energy Secretary Dan Brouillette to fill the SPR.
The legislation is being cosponsored by Senators John Cornyn, and Kevin Cramer, Ted Cruz, Lisa Murkowski, Dan Sullivan, and Representatives Kelly Armstrong and Henry Cuellar. The text of the legislation is available here.
"Oil and gas producers in North Dakota and across the U.S. are vital for both our economic and national security," said Senator Hoeven. "This legislation provides important support to our domestic energy industry at a time when they are not only challenged by the impacts of the coronavirus but also a global oil price war. Purchasing U.S. oil for the SPR will not only benefit our energy producers, but also taxpayers and our national security. This legislation, along with our efforts to stop the global price war, are part of our work to support our domestic energy producers and provide stability to global energy markets."
"Domestic production of oil and natural gas is essential to our national security, our economy, and our energy future, including our ability to drive innovation and production of cleaner energy," said Congresswoman Fletcher (TX-07). "Our energy producers are facing an unprecedented challenge that will have long-term ramifications for our energy independence an our energy future. I am glad to join Senator Hoeven and Congressman Burgess to announce bipartisan legislation that provides relief for the many Americans who work to provide the energy we need today."
"The Strategic Petroleum Reserve is a critical asset to ensure America's energy security, and President Trump is right to request the SPR be filled while prices are low." said Congressman Burgess. "This legislation provides support to American energy producers during this public health crisis, ensuring that made-in-America energy remains a strength for our county. Over the last decade America has emerged as a global leader in energy production. It is critical that this leadership is preserved and measures are put in place to ensure America's influence on energy markets. Through timely and prudent purchases by the Department of Energy, the United States will be able to improve its energy resilience, temporarily stabilize energy markets, and save taxpayers money over the long run."
"Without swift action, the coronavirus could have a devastating impact on Texas' energy producers and their workforce," said Senator Cornyn. "This legislation would help support small to midsized producers and Texas workers while enhancing national security during this uncertain time."