U.S. Senators Lisa Murkowski and Dan Sullivan, both R-Alaska, today announced they will cosponsor bipartisan, bicameral legislation that provides $3 billion to purchase U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR).

The legislation, which will be introduced when Congress returns to session, aligns with the request made by President Donald J. Trump and Secretary of Energy Dan Brouillette to fill the SPR to capacity. Senator John Hoeven, R-North Dakota, and Representatives Lizzie Fletcher, D-Texas, and Michael Burgess, R-Texas, announced the bill earlier today.

“The oil and gas industry is critical to our nation’s economy and supports more than 10 million jobs. With plummeting global demand wrought by the coronavirus pandemic and supply rising as a result of the Saudi-Russian price war, prices have fallen to their lowest levels in nearly 20 years,” Murkowski said. “We can provide some assistance to the industry by refilling the Strategic Petroleum Reserve to capacity, and we should take advantage of this opportunity to buy low and buy American."

“With the unprecedented challenges we are facing as a country, from the oil price war between Saudi Arabia and Russia to the demand-drop in oil due to our efforts to combat COVID-19, we must act swiftly to support America’s workers to ensure we can get the economy roaring again when we overcome this pandemic,” Sullivan said. “Funding purchases of oil produced in America for the SPR is one way we can fight back and support the hard-working men and women of our energy sector as we weather this storm.”