Ron Estes: “My amendment would protect our country and American families in the event of a national emergency by requiring the…”

“My amendment would protect our country and American families in the event of a national emergency by requiring the Department of Energy to refill the Strategic Petroleum Reserve at a competitive market rate. We all remember that President Biden chose to tap the SPR for political reasons as he tried to mask his failed energy policies that caused gas prices to soar. When President Biden took office, the average weekly price for a gallon of gas was $2.38. It was already $3.53 prior to Putin invading Ukraine before hitting record highs last summer. Despite depleting our SPR, we still have a weekly average of $3.42. Since draining the SPR to address an energy and inflation crisis of his own making, President Biden and his administration continue to abdicate their responsibility to replenish the reserve. In October 2022, the White House announced it would implement a first-of- its-kind rule establishing a system of fixed-price contracts for replenishing the SPR. Per the administration's policy, they intend to purchase crude oil for the SPR when prices are at or below about $67 or $72 per barrel. The untested fixed-price bid system imposed by the White House has allowed the administration to ignore its responsibility to resupply the SPR to the detriment of the United States' economic and national security.…”