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Representative Estes Proposes Bill to Replenish Strategic Petroleum Reserve

 

Representative Ron Estes has sponsored a bill to replenish the Strategic Petroleum Reserve. If passed, the law would ensure the replenishment by requiring the Secretary of Energy to make mandatory monthly payments once oil drops below $90 a barrel for an average of 100 days straight.

 

The purchases will be required until the SPR is at its maximum capacity. The purchases will equal 3,600,000 barrels per month which is 2% of the 180 million barrels released by President Joe Biden.

 

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