Cornyn, Texas congressmen push $3 billion bill to buy crude
By: James Osborne
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."
By: James Osborne
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."