WASHINGTON – U.S. Senator Kevin Cramer (R-ND) issued the following statement on the Department of Energy (DOE) 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.”
Background:
According to DOE, 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.