03.19.20

Hoeven Statement After Energy Department Requests Initial U.S. Crude Purchases to Fill the Strategic Petroleum Reserve

WASHINGTON – Senator John Hoeven, a member of the Senate Energy Committee, issued the following statement today after the Department of Energy announced its first solicitation for the purchase of oil produced in the U.S. for the Strategic Petroleum Reserve (SPR). The Energy Department released a solicitation today for an initial purchase of up to 30 million barrels of sweet and sour crude oil. This comes as part of the President’s order to the Energy Department to purchase up to 77 million barrels of crude oil produced in the U.S. to fill the SPR. 

“Energy producers in North Dakota provide vital contributions to our country’s economic and national security,” said Hoeven. “We appreciate the President and the Department of Energy moving quickly to purchase crude oil to fill the SPR. Purchasing this oil will not only benefit our energy producers, but also taxpayers and our national security. This SPR purchase and our efforts to press Saudi Arabia to pull back from their price war are part of our work to support our domestic energy producers and provide stability to global energy markets.” 

Hoeven continues working to help maintain America’s domestic energy industry during current market challenges, including:

  • Urging President Trump during a recent meeting to press the Saudi leadership on this matter.
  • Joining his Senate colleagues in calling on the Saudi Crown Prince to cease the price war.
  • Pressing Princess Reema Bandar Al Saud, the Saudi Arabian Ambassador to the U.S., to help pull back on Saudi Arabia’s oil price war.

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