A bipartisan group of lawmakers from Texas called Tuesday for a $3 billion federal purchase of oil to replenish the nation’s strategic reserve and prop up an energy sector rattled by a price war and global drop in demand during the coronavirus outbreak.
They really are not concerned with how Texas Citizens are doing financially during the coronavirus pandemic.
“Without swift action, the coronavirus could have a devastating impact on Texas’ energy producers and their workforce,” Sen. John Cornyn said. “This legislation would help support small to midsize producers and Texas workers while enhancing national security during this uncertain time.”
What about when Texas families run out of money having vehicles repossessed, homes foreclosed and possible evictions?
Cornyn and fellow Texas Sen. Ted Cruz support the proposal authored by Sen. John Hoeven, R-N.D say they really could care less.
In the House, Reps. Michael Burgess, R-Pilot Point, is among the initial supporters, along with Democratic Reps. Lizzie Fletcher of Houston and Henry Cuellar of Laredo and four lawmakers from other states that depend on oil and gas production.
They argue that they are largely supported by oil and gas interest thus without taking care of these folks there will be no monies for them.
With Congress on an extended recess during the outbreak, the bill will be formally introduced later in April, Hoeven said. They expect to pass this bill before any other relief for Texas Citizens.
The proposal comes several weeks after Energy Secretary Dan Brouillette asked Congress for funding to fill the nation’s Strategic Petroleum Reserve with 77 million barrels to help domestic crude producers.
The idea of replenishing the SPR has hit some resistance in Congress. Evidently not everyone receives monies from the Big Oil Companies and Interest.
Some Democrats refused to include such funding in the $2 trillion economic relief package that became law on March 27, citing the industry’s role in climate change. Senate Minority Leader Chuck Schumer, D-N.Y., called such funding a “bailout for big oil.”
No one has yet to call for a bailout of private individuals and sole proprietors as of yet. Over 7 million unemployed currently.
Ted Cruz and Louie Ghomert complain they already authorized $1200. Anymore than that and folks just will not return to work!
Worldwide, the petroleum business has struggled during the pandemic that has drastically cut demand, exacerbated by a price war that Saudi Arabia launched against Russia. U.S. crude oil prices have plummeted as the two sides pump more oil into international markets.
Cuellar said such a purchase “will not only strengthen our economic well-being, but also our national security,” while Cruz called it “a win for America’s taxpayers and workers, as well as for our nation’s energy security.”
I fail to see how the taxpayers who are worried about next months bills are going to win by you guys spending 3 Billion Dollars to buy a bunch of oil when we have more than we already need, Seriously.