Hoeven Leading Legislation on Strategic Petroleum Reserve

President Instructs Treasury & Energy Secretary to Support Oil & Gas, Hoeven Made Request During Sunday Call

BISMARCK, N.D. – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, released the following statement today regarding the importance of supporting U.S. oil and gas producers and stabilizing U.S. oil markets. During a call with President Trump and Treasury Secretary Steven Mnuchin on Sunday, Hoeven discussed his legislation on the Strategic Petroleum Reserve and pressed Secretary Mnuchin to work with Energy Secretary 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,” said Hoeven. “We appreciate the President instructing Treasury Secretary Mnuchin and Energy Secretary Brouillette to work together on a plan to support our oil and gas industry and make assistance available during these challenging times. I asked for that approach in our call on Sunday. At the same time, 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.”

The senator is taking a number of actions, including: 

  • Leading bipartisan, bicameral legislation to provide $3 billion to purchase domestically produced crude for the Strategic Petroleum Reserve (SPR), which will not only help domestic oil and gas producers, but benefit taxpayers and U.S. national security.
  • Urging Treasury Secretary Steven Mnuchin to work with Energy Secretary Brouillette to ensure the Treasury Department’s 13(3) lending program works for the energy industry.
  • Pressing the Department of Commerce, under Section 232, to investigate the excessive dumping of crude oil by the Kingdom of Saudi Arabia and stop shipments of crude from flooding the U.S. market.