U.S. Rep. Ron Estes (R-KS) last week introduced legislation to replenish the nation’s Strategic Petroleum Reserve (SPR).
“Kansans are suffering from crippling gas prices that continue to rise despite the Biden administration’s short-sighted action of releasing one million barrels per day from the nation’s Strategic Petroleum Reserve,” said Rep. Estes. “Instead of helping families now, this do-nothing policy puts our nation at further risk in the future with a depleted supply and no real plan to replenish this vital national security reserve.”
Rep. Estes on June 7 sponsored the Strategic Petroleum Reserve Replenishment Act, H.R. 7963, with lead original cosponsor U.S. Rep. Nancy Mace (R-SC), saying the bill “will restore the SPR, while Biden’s proposed formula is both vague and confusing and does not follow the traditional mechanism used by oil traders.”
If enacted, H.R. 7963 would require the U.S. Energy Secretary to replenish the SPR through mandatory monthly payments once oil drops below $90 a barrel for an average of 100 days straight, according to a bill summary provided by the congressman.
Such mandatory purchases — to be made on top of regular or congressionally mandated purchases — would be required until the SPR is at its maximum physical capacity, the summary says, and would equal 3.6 million barrels per month.
H.R. 7963 has been referred to the U.S. House Energy and Commerce Committee for consideration.