Congresswoman introduces bill to purchase $3 billion worth of crude oil to protect energy industry

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OKLAHOMA CITY (KFOR) – As economists believe Oklahoma’s energy workers could be hit hardest by the impact of the coronavirus and

On Tuesday, Congresswoman Kendra Horn introduced bipartisan legislation to support the energy industry by providing $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve.

“Right now, Oklahomans are facing a historic health and economic crisis brought on by the COVID-19 pandemic and made worse by the destabilization of energy markets,” said Congresswoman Kendra Horn. “As workers in the oil and gas industry struggle to make ends meet, our nation is still counting on them to power hospitals and essential services. We must take action now to help an industry that supports nearly a fifth of our state’s workforce and fuels our nation’s economy. Today’s bipartisan bill does just that by providing resources to replenish the Strategic Petroleum Reserve.”

Congresswoman Horn introduced the bill with lead sponsors Lizzie Fletcher (TX-7) and Representative Michael Burgess (TX-26) and original co-sponsors Reps. Henry Cuellar (TX-28), Kelly Armstrong (ND-AL), Roger Williams (TX-25), Vicente Gonzalez (TX-15), Mike Conaway (TX-11), Marc Veasey (TX-11), and Bill Flores (TX-17).  Senator John Hoeven (R-ND) will introduce the Senate companion of this legislation. 

“Our energy workers and sector are struggling as a result of the COVID-19 pandemic and foreign price wars,” said Congressman Vicente Gonzalez. “Purchasing $3 billion from the Strategic Petroleum Reserve is one way to maintain the integrity of America’s oil and gas global leadership and provide much-needed relief for the energy sector. Millions of jobs are at stake in Texas and others if we do not act expeditiously.”

Organizers say the legislation will allow the Department of Energy to purchase oil, which will provide relief for domestic oil producers and help stabilize the energy markets.

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