Hoeven Statement After DOE Announces Contracts for Storage in Strategic Petroleum Reserve (SPR)

Senator Leading Bicameral, Bipartisan Legislation to Fund SPR Purchases

BISMARCK, N.D. – Senator John Hoeven, a member of the Senate Energy and Natural Resources Committee, today issued the following statement after the U.S. Department of Energy (DOE) announced it is negotiating contracts with nine U.S. companies to store U.S. crude in the Strategic Petroleum Reserve (SPR). Hoeven is leading the Senate version of bicameral, bipartisan legislation to provide $3 billion to purchase U.S produced crude oil for the SPR. 

“Oil and gas producers in North Dakota and across the nation are vital to our economic and national security,” said Hoeven. “We’ve been working with the Administration to support our energy industry and help them to weather the economic challenges from COVID-19, and we appreciate Energy Secretary Brouillette moving quickly to store U.S. crude in the SPR. At the same time, we’ll continue working to help U.S. producers during these historic times and to pass our legislation to fund the purchase of U.S. crude for the SPR.”

Hoeven continues working to help maintain America’s domestic energy industry during current market challenges, including:

  • Working to stop the global oil price war. Specifically, the senator has pressed the following to find agreement on restoring balance to global oil markets, including:
    • In meetings and phone calls with President Trump, Energy Secretary Dan Brouillette, Secretary of State Mike Pompeo and other administration officials.
    • In phone calls with Princess Reema Bandar Al Saud, the Saudi Arabian Ambassador to the U.S., where the Senator emphasized that Saudi Arabia needs to work with the United States and the community of nations to end the price war. 
    • Through a letter to the Saudi Crown Prince Hoeven joined with his Senate colleagues.
    • With energy officials from international partners, urging their support to reach an agreement on global production.
  • Introducing bipartisan, bicameral legislation to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR). The legislation aligns with the request made by President Trump and Energy Secretary Brouillette to fill the SPR. 
  • Working with Energy Secretary Brouillette to open the SPR to American producers for leased storage on a temporary basis.
  • Encouraging “Buy American” efforts.