Sen. John Cornyn and a bipartisan group of Texas congressmen are preparing to
introduce legislation that would fund a $3 billion purchase of oil for t  
Cornyn, Texas congressmen push $3 billion bill to buy crude
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By: James Osborne <[link removed]>
April 7, 2020

As published in the Houston Chronicle

WASHINGTON - Sen. John Cornyn and a bipartisan group of Texas congressmen are
preparing to introduce legislation that would fund a $3 billion purchase of oil
for the nation's Strategic Petroleum Reserve.

At a time the U.S. benchmark West Texas Intermediate oil is selling for less
than $25 a barrel, the bill, which is sponsored by Texas Republican Michael
Burgess of Denton, and Democrats Lizzie Fletcher of Houston, and Henry Cuellar
of Laredo, is intended to help U.S. oil producers while filling up the
petroleum reserve on the cheap.

“Without swift action, the coronavirus could have a devastating impact on
Texas’ energy producers and their workforce,” said Cornyn. “This legislation
would help support small to midsize producers and Texas workers while enhancing
national security during this uncertain time.”

President Donald Trump has ordered the purchase of close to 80 million
barrels of crude to fill the petroleum reserve up to its capacity of almost 800
million barrels.

But Democratic leaders in Congress have resisted funding the purchase, with
Senate Minority Leader Chuck Schumer, D-N.Y., calling it a "bailout for big
oil."
 


 

   









 


 
 

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