A bipartisan bill was announced on Tuesday to provide $3 billion to buy US crude oil for the Strategic Petroleum Reserve (SPR). Senator John Hoeven (R-ND), with Representatives Lizzie Fletcher (D-TX) and Michael Burgess (R-TX) introduced the legislation after President Donald Trump and Energy Secretary San Brouillette requested that the SPR be filled. Last month, Congress failed to include funding for oil for the reserve in its coronavirus stimulus bill.

Hoeven stated that “this legislation provides important support to our domestic energy industry at a time when they are not only challenged by the impact of coronavirus but also a global oil price war. Purchasing US oil for the SPR will not only benefit our energy producers, but also taxpayers and our national security.”

Burgess went on to say that the proposed legislation would provide support to US energy producers amidst the spread of COVID-19. He also noted that “[t]hrough timely and prudent purchases by the Department of Energy, the United States will be able to improve its energy resilience, temporarily stabilize energy markets and save taxpayers money over the run.”

Senators John Cornyn, Kevin Cramer, Ted Cruz, Lisa Murkowski and Dan Sullivan, as well as Representatives Kelly Armstrong and Henry Cuellar are cosponsoring the bill.