{"id":1535616,"date":"2025-05-12T17:05:00","date_gmt":"2025-05-12T21:05:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1535616"},"modified":"2025-05-12T17:05:00","modified_gmt":"2025-05-12T21:05:00","slug":"republicans-push-1-3-billion-bill-to-refill-the-strategic-petroleum-reserve","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/republicans-push-1-3-billion-bill-to-refill-the-strategic-petroleum-reserve\/1535616\/","title":{"rendered":"Republicans Push $1.3 Billion Bill To Refill The Strategic Petroleum Reserve"},"content":{"rendered":"

Republicans Push $1.3 Billion Bill To Refill The Strategic Petroleum Reserve<\/span><\/p>\n

\n

Authored by Charles Kennedy via OilPrice.com,<\/em><\/a><\/p>\n

The proposed bill allocates $1.321 billion to refill the SPR and $218 million for maintenance and repairs.<\/em><\/p>\n

It aims to repeal the SPR drawdown mandate and redirect funds away from climate initiatives.<\/em><\/p>\n

The legislation responds to Trump\u2019s promise to refill the reserve and criticizes Biden\u2019s SPR releases.<\/em><\/p>\n

U.S. House Republicans have introduced the Budget Reconciliation Bill, which will include funding to begin refilling the Strategic Petroleum Reserve (SPR)\u2014a key promise of President Donald Trump.<\/p>\n

The bill\u00a0proposes<\/a>\u00a0$1.321 billion to acquire, by purchase, petroleum products for storage in the Strategic Petroleum Reserve, and another $218 million for maintenance of, including repairs to, storage facilities and related facilities.<\/strong><\/p>\n

<\/a><\/strong><\/p>\n

The bill also repeals the SPR drawdown and sale mandate.<\/p>\n

\u201cThe bill would also begin refilling the dangerously low Strategic Petroleum Reserve,\u201d <\/strong><\/em>Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Commerce, wrote in an op-ed published in the\u00a0Wall Street Journal<\/a>\u00a0on Sunday.<\/p>\n

Republican Congressman Guthrie also noted that \u201cThis bill would claw back money headed for green boondoggles<\/strong> through \u201cenvironmental and climate justice block grants\u201d and other spending mechanisms through the Environmental Protection Agency and Energy Department.\u201d<\/p>\n

<\/a><\/p>\n

The legislation would \u201creverse the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act, returning $6.5 billion in unspent funds,\u201d <\/strong>Guthrie added.<\/p>\n

Earlier this year, President Donald Trump said the U.S. Administration would quickly\u00a0fill up<\/a>\u00a0the Strategic Petroleum Reserve.<\/p>\n

\u201cThey put it all out because they thought they could keep gasoline prices down a little bit, just go past the election, and after that, they didn\u2019t care,\u201d<\/strong><\/em> the President added, criticizing Joe Biden\u2019s administration for failing to curb the hikes in gasoline prices.<\/p>\n

The SPR needs to be refilled as the strategic reserve plays a critical role in stabilizing the U.S. market during global supply disruptions.<\/p>\n

The Biden administration released more than 180 million barrels of oil from the SPR starting in 2021, amid high gasoline prices.<\/strong><\/p>\n

<\/a><\/p>\n

The Department of the Treasury claims that these releases, along with coordinated international efforts, helped reduce gasoline prices by up to 40 cents per gallon in 2022.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 05\/12\/2025 – 13:05<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/energy\/republicans-push-13-billion-bill-refill-strategic-petroleum-reserve<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Republicans Push $1.3 Billion Bill To Refill The Strategic Petroleum Reserve Authored by Charles Kennedy via OilPrice.com, The proposed bill allocates $1.321 billion to refill…<\/p>\n","protected":false},"author":0,"featured_media":1535617,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1535616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1535616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1535616"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1535616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1535617"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1535616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1535616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1535616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}