U.S. Sen. John Hoeven (R-ND) on May 4 introduced a bipartisan bill that would provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR).
“I’m leading this bipartisan, bicameral legislation because it will not only support our energy industry but benefit American taxpayers with greater economic and national security,” Sen. Hoeven said. “We need to pass this legislation to fund the purchase of U.S. crude for the SPR, which will help relieve supply pressures and support a vital U.S. industry and its workers.”
Sen. Hoeven sponsored S. 3597 with nine original cosponsors, including U.S. Sens. Roger Wicker (R-MS) and Doug Jones (D-AL). The measure is the U.S. Senate version of H.R. 6580, introduced on April 21 by U.S. Reps. Lizzie Fletcher (D-TX) and Michael Burgess (R-TX).
“As oil prices continue to be wracked by this crisis and production disputes overseas, we have the opportunity to replenish our Strategic Petroleum Reserve at a low cost to taxpayers,” Sen. Jones said. “This bill will help ensure that we as a country are ready and prepared for future crises, and will aid in stabilizing our national economy.”
Rep. Burgess added that filling the SPR is “a targeted, prudent action” that would help address a temporary oversupply of oil in the market.
“This legislation would improve the energy security of the United States, save taxpayer money, and address the shortage of storage for crude oil, while also giving American producers a brief window of relief to make plans for the new realities in the marketplace,” he added.
The Senate bill is under consideration by the Senate Appropriations Committee while H.R. 6580 is being reviewed by the House Appropriations Committee and the House Budget Committee.