U.S. Senator Kevin Cramer (R-ND) sent The Crude Life the following statement on the Department of Energy announcing a solicitation for the purchase oil to begin filling the Strategic Petroleum Reserve (SPR) today:
“Thank you to Secretary Brouillette for moving quickly to follow President Trump’s order. This is an important initial step to combat the market manipulation our producers are facing from Saudi Arabia and Russia. I applaud the Administration for prioritizing midsize and small American producers, and I encourage North Dakotans to engage with the Department on this solicitation.”
Senator John Hoeven, a member of the Senate Energy Committee, said the following:
“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.
Background:
According to the Energy Department, today’s initial solicitation is to purchase up to 30 million barrels of sweet and sour crude oil with a focus on small to midsize U.S. oil producers. This is part of President Trump’s order to purchase 77 million barrels of American-made crude oil, which will bring the SPR to its maximum capacity. Click here to learn more.
As the world faces the coronavirus pandemic, Russia and Saudi Arabia have engaged in energy market distorting efforts, boosting oil production and lower crude oil prices, causing the price of oil to hit an 18-year low. Senators Cramer and Dan Sullivan (R-AK) have led the charge in calling on these nations to stop their behavior. Senator Cramer also called on President Trump to halt oil imports from these countries.
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