Sen. Hoeven introduces legislation to fund $3 billion oil purchase for emergency reserve
The Bill was introduced by Republican Senator John Hoeven, Republican U.S. Representative Michael Burgess, and Democrat U.S. Representatives Lizzie Fletcher
FARGO, N.D. — North Dakota Sen. John Hoeven introduced legislation that aims to fund a government purchase of oil to help boost the industry that has been hit hard by reduced demand.
The bipartisan bill asks for $3 billion in funding to purchase crude oil produced in the U.S. for the Strategic Petroleum Reserve. This move comes after Congress declined to provide funding in the stimulus package for the purchase of 30 million barrels of oil.
“It just makes sense because buying it at a low price is a good value for the taxpayer and obviously not only will we have it in the strategic reserves but at whatever point they can sell it, they will very likely sell it at a higher price,” says Hoeven.
The legislation aligns with the request made by President Donald Trump to fill the SPR.