Sen. Kevin Cramer, R-N.D., a cosponsor of that bill last month said it’s “a small, simple way” to help local producers. He has called for Congress to “play its part” by including such funding in an economic relief package.
The House coronavirus recovery bill released Tuesday doesn’t include a provision to stock up the SPR.
At least one key House Democrat, however, supports such a move. On Tuesday, House Majority Leader Steny H. Hoyer, D-Md., told reporters he thinks “this is a time to restock the Strategic Petroleum Reserve and make sure that” the country has sufficient supplies if it runs into a crisis.”
Lowest prices
Disruptions from global oversupply triggered by a Saudi Arabia-Russia price and production war in March, as well as the economic impact of the coronavirus, have depressed oil prices and left producers with more inventories than they can sell.
Oil prices are now at the lowest they’ve been in about two decades, according to the Energy Information Administration.
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May 14, 2020 at 06:42AM
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Energy Department to buy oil for reserve and to help industry - Roll Call
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