Senators Hoeven, Jones Introduce Bipartisan Legislation to Provide $3 Billion to Fill Strategic Petroleum Reserve With U.S. Crude Oil

WASHINGTON – Senators John Hoeven and Doug Jones introduced bipartisan legislation in the U.S. Senate to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR). The text of the legislation is available here. 

In April, Hoeven announced he was leading the bipartisan, bicameral legislation along with Representatives Lizzie Fletcher and Michael Burgess. In addition to Hoeven and Jones, the Senate bill is being cosponsored by Senators John Cornyn, Kevin Cramer, Ted Cruz, Lisa Murkowski, Dan Sullivan, Jim Inhofe, John Barrasso and Roger Wicker.

“Oil and gas producers in North Dakota and across the nation provide essential support for our economy and are vital to our national security,” said Senator Hoeven. “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. 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.”

“The current COVID-19 pandemic has brought national attention to the need for ample reserves of critical supplies. 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. 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,” said Senator Jones.

“Domestic production of oil and natural gas is essential to our national security, our economy, and our energy future, including our ability to drive innovation and production of cleaner energy,” said Congresswoman Lizzie Fletcher.  “Our energy producers are facing an unprecedented challenge that will have long-term ramifications for our energy independence and our energy future.  Congress has an opportunity to provide relief for those who produce the energy we use every day and to make a strategic purchase that benefits all Americans.  I am proud to join with Senator Hoeven, Senator Jones, and Congressman Burgess to introduce this legislation with broad, bipartisan support to do just that.” 

“Filling the SPR is a targeted, prudent action that would allow the department to act quickly to address a temporary oversupply of oil in the market,” said Congressman Burgess. “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. As Congress continues to respond to COVID-19, I hope this legislation will be taken up quickly.”