Republicans Introduce Solutions for Oil Crisis Caused by COVID-19

Statement

Congressman Michael C. Burgess, M.D. (R-TX), joined by Congressmen Kelly Armstrong (R-ND), Roger Williams (R-TX), Mike Conaway (R-TX), Bill Flores (R-TX), Michael McCaul (R-TX), Chip Roy (R-TX), Roger Marshall (R-KS), Doug LaMalfa (R-CA), Ron Estes (R-KS) Tom Cole (R -OK) introduced bipartisan, bicameral legislation that will provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR).

The legislation comes when American Energy Producers need help due to American oil prices plummeting because of COVID-19. It also supports the request made by President Donald J. Trump and Energy Secretary Dan Brouillette to fill the SPR.

"Today's energy markets are in crisis due to the impact of COVID-19 on our economy. In March, the Trump administration requested funding from Congress to fill the SPR. This action 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," said Congressman Burgess. "Unfortunately, partisan politics prevented Congress from including this request in previous COVID-19 response packages. This is why I helped introduce legislation that would answer the President's call. This legislation would appropriate $3 billion to the Department of Energy in order to fill the SPR. This is a targeted, prudent action that would allow the department to act quickly to address a temporary oversupply of oil in the market. This is good for taxpayers, energy producers, and America's energy security. As future response packages are debated, I hope this bill will be included."

"Our nation's oil industry is essential to our economic and national security, and we need to do all we can to support our oil and gas workers. Given the challenges in our energy markets, we need to pass this legislation to fund the purchase of U.S. crude for the SPR and help alleviate supply pressures," said Senator Hoeven, who is introducing the Senate bill. "This legislation supports a crucial U.S. industry and its workers, as well as the American taxpayers who will benefit from greater economic and national security."

"Foreign manipulation of oil prices and the economic effects of COVID-19 are threatening America's energy independence," said Representative Armstrong. "The U.S. energy industry strengthens our national security and is a major economic driver, employing millions of workers directly and indirectly. The purchase of oil for the nation's strategic reserves will help domestic producers withstand these forces outside their control and protect our energy security."

"The Strategic Petroleum Reserve is a vital tool for ensuring American energy independence and national security in times of crisis," said Congressman Williams. "Funding for this important program should have been included in the CARES Act in the first place, but was left out due to the Green New Deal agenda of the radical left. I am proud to support this stand-alone bill that not only protects taxpayers by capitalizing on historically low prices, but will help our Texan producers and workers pull through the devastating challenges they are facing in the midst of this pandemic.

"America's domestic oil and gas producers are vital to both Texas and the nation. They provide clean, safe, and low-cost energy for consumers and manufacturers while supporting jobs and ensuring national security," said Congressman Flores. "Yet, the energy independence we have spent decades building is now under threat. This bill provides much needed relief to the thousands of businesses and their employees in Texas that directly and indirectly rely on oil and gas producers. It also represents a smart investment for the American taxpayer by purchasing millions of barrels of oil to restock the Strategic Petroleum Reserve while costs are low. Congress must pass this legislation as quickly as possible to provide immediate assistance and protect our national security."

"Millions of hard-working Americans are employed by the oil and gas industry, to include thousands right in my congressional district," said Congressman McCaul. "Funding the SPR will directly support these jobs and keep industry afloat. This is a strategic move that will allow us to hit the ground running when global demand rises again."

"It's past due for Congress to act on President Trump's request to fill the Strategic Petroleum Reserve and provide relief to our oil and gas producers," said Congressman Marshall. "These producers are responsible for employing thousands of workers in rural communities across Kansas. They have a far-reaching impact on every American's national security and are responsible for keeping the lights on for our first responders, hospitals, military bases, and homes across the country."

"The United States should not pass up this historic opportunity to fill our Strategic Petroleum Reserve," said Congressman LaMalfa. "The world will begin to reopen soon, and this short-term dip in the price of crude oil won't last. Unfounded concerns from Green New Deal advocates have prevented America from filling the SPR before, but the current energy market requires that we act quickly to secure additional oil at a reasonable cost. This legislation is good for the taxpayer and America's energy security, and I urge for its swift passage."

"During this global health crisis, it's imperative that we support our oil and gas workers in Kansas and throughout the country," said Congressman Estes. "This legislation not only provides relief for our energy producers, but it improves our economic and national security. The President requested funding for the Strategic Petroleum Reserve six weeks ago, and it's time that Congress takes action on this critical issue."

"While numerous industries have been helped during this national emergency, it is high time to reinforce our vital energy sector through purchase of crude oil for our country's Strategic Petroleum Reserve," said Congressman Cole. "Doing so not only protects the livelihoods of our oil and gas producers and their families, but it reaffirm the importance of domestic energy security. As a sponsor of this critical legislation, I am proud to stand with American oil and gas producers and the millions of hardworking Americans whose jobs they support."