Texas Border Business
MCALLEN, Texas – Congressman Vicente Gonzalez (TX-15) cosponsored bipartisan legislation introduced by Congresswoman Lizzie Fletcher (TX-07) 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 (SPR). Representative Michael Burgess (TX-26) is the Republican lead in the House, and the bill is also cosponsored by Representatives Henry Cuellar (TX-28), Kelly Armstrong (ND-AL), Kendra Horn (OK-5), Roger Williams (TX-25), 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 sector is struggling as a result of the COVID-19 pandemic and foreign price wars,” said Congressman Vicente Gonzalez. “Purchasing $3 billion worth of domestic crude oil for 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 those who work in the energy sector. Millions of jobs are at stake in Texas and others if we do not act expeditiously.”
“Domestic production of oil and natural gas is essential to our national security, our economy, and our energy future, including our ability to drive innovation and production of cleaner energy,” said Congresswoman Lizzie Fletcher. “Our energy producers are facing an unprecedented challenge that will have long-term ramifications for our energy independence and our energy future. Congress has an opportunity to provide relief for those who produce the energy we use every day and to make a strategic purchase that benefits all Americans. I am proud to introduce this legislation with broad, bipartisan support to do just that.”
“Today’s energy markets are in crisis due to the impact of COVID-19 and the senseless and malicious actions of the OPEC countries and the Russians,” said Congressman Michael Burgess. “Filling the Strategic Petroleum Reserve is the right thing to do for a number of reasons. 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. This is why I joined in introducing this legislation, which is a targeted, prudent action that would allow the department to act quickly to address a temporary oversupply of oil in the market. We had previous opportunities that were not taken, I am grateful this legislation is on the road to solving a problem.”
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.
The text of the legislation is available here.
