Sen. John Cornyn, R-Texas, announced April 7 he will cosponsor forthcoming legislation to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR).
The bill will be introduced in the House by Reps. Michael Burgess, R-Denton, Lizzie Fletcher, D-Houston and Henry Cuellar, D-San Antonio, among others.
“Without swift action, the coronavirus could have a devastating impact on Texas’ energy producers and their workforce,” said Sen. Cornyn. “This legislation would help support small to midsize producers and Texas workers while enhancing national security during this uncertain time.”
Oil prices have been even more volatile than the stock market in recent weeks as demand dries up for energy amid a global economy weakened by the coronavirus outbreak. Russia and Saudi Arabia have also been locked in a price war, refusing to cut production even as the world is awash in excess oil.
Benchmark U.S. crude oil fell $1.98 to $24.11 per barrel on Tuesday, April 7.
