Sen. John Hoeven, along with Representatives Lizzie Fletcher and Michael Burgess, announced Tuesday, April 7, that they are introducing bipartisan, bicameral legislation in the U.S. Senate and the U.S. House of Representatives respectively 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 Donald J. Trump and Energy Secretary Dan Brouillette to fill the SPR.

The legislation is being cosponsored by Sens. John Cornyn, Kevin Cramer, Ted Cruz, Lisa Murkowski, Dan Sullivan, and Reps. Kelly Armstrong and Henry Cuellar.

“Oil and gas producers in North Dakota and across the U.S. are vital for both our economic and national security,” Hoeven said. “This legislation provides important support to our domestic energy industry at a time when they are not only challenged by the impacts of the coronavirus but also a global oil price war. Purchasing U.S. oil for the SPR will not only benefit our energy producers, but also taxpayers and our national security. This legislation, along with our efforts to stop the global price war, are part of our work to support our domestic energy producers and provide stability to global energy markets.”

“Funding Strategic Petroleum Reserve purchases is a small, simple way to purchase oil from local producers as we work to combat COVID—19 and put an end to the harmful oil dispute between Saudi Arabia and Russia,” said Senator Cramer. “Unfortunately, these funds were held hostage during Phase Three negotiations. While I support Secretary Brouillette finding administrative ways to make SPR purchases, Congress should play its part and include this funding in Phase Four.”

“Foreign manipulation of oil prices and the economic effects of COVID-19 are threatening America’s energy independence. 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,” said Congressman Armstrong.