U.S. Sen. John Hoeven (R-ND) and U.S. Reps. Michael Burgess (R-TX), Bill Flores (R-TX), Michael McCaul (R-TX), Ron Estes (R-KS), and Tom Cole (R-OK) support bipartisan, bicameral legislation to appropriate $3 billion for the Strategic Petroleum Reserve (SPR) account.
“This is a targeted, prudent action that would allow the [Energy] Department to act quickly to address a temporary oversupply of oil in the market,” said Rep. Burgess. “This is good for taxpayers, energy producers, and America’s energy security. As future response packages are debated, I hope this bill will be included.”
Rep. Burgess is the lead original cosponsor of H.R. 6580, which he introduced on April 21 with bill sponsor U.S. Rep. Lizzie Fletcher (D-TX) and eight other cosponsors, to utilize the $3 billion in federal funds to fill the SPR with U.S. crude oil. Sen. Hoeven expects to soon release his chamber’s version of the bill.
“The energy independence we have spent decades building is now under threat,” Rep. Flores said. “This bill provides much-needed relief to the thousands of businesses and their employees in Texas that directly and indirectly rely on oil and gas producers.”
Rep. Flores said H.R. 6580 also represents “a smart investment for the American taxpayer” because millions of barrels of oil would be purchased to restock the SPR while costs are low.
Sen. Hoeven, during a Sunday call with President Donald Trump and U.S. Treasury Secretary Steven Mnuchin, discussed the proposed bill and urged Mnuchin to work with U.S. Energy Secretary Dan Brouillette to ensure that energy producers have access to credit through 13(3) loan programs.
“We are very concerned about the impacts of the COVID-19 pandemic and the global price war on our energy workers, who are essential to our economic and national security,” Sen. Hoeven said on Tuesday. “We continue working to provide $3 billion to purchase domestic crude for the Strategic Petroleum Reserve, which will help with supply issues.
“Ultimately, we need to get our economy back up and running to restore demand and allow our energy producers to get back to work,” he said.
Sen. Hoeven added that lawmakers must pass this bill to also help alleviate supply pressures, and said the bill “supports a crucial U.S. industry and its workers, as well as American taxpayers, who will benefit from greater economic and national security.”
Reps. McCaul, Estes, and Cole have signed on to H.R. 6580 as original cosponsors.
“Millions of hard-working Americans are employed by the oil and gas industry, to include thousands right in my congressional district,” said Rep. McCaul. “Funding the SPR will directly support these jobs and keep the industry afloat. This is a strategic move that will allow us to hit the ground running when global demand rises again.”
Rep. Estes added that the bill also would improve the nation’s economic and national security.
“The president requested funding for the Strategic Petroleum Reserve six weeks ago, and it’s time that Congress takes action on this critical issue,” said Rep. Estes.
“While numerous industries have been helped during this national emergency, it is high time to reinforce our vital energy sector through purchase of crude oil for our country’s Strategic Petroleum Reserve,” Rep. Cole said. “Doing so not only protects the livelihoods of our oil and gas producers and their families, but it reaffirms the importance of domestic energy security.”