DOE Pushes Oil Purchases

WASHINGTON – The Department of Energy announced this morning a solicitation to purchase 30 million barrels of oil to fill the Strategic Petroleum Reserve. The estimated cost of this move based on the current oil market is $900 million, far exceeding the $10 million currently available for the program to conduct crude purchases. This follows comments this morning from Treasury Secretary Mnuchin calling for oil purchases over the coming years of as much a $20 billion.

A recent analysis from Friends of the Earth raises substantial legal and environmental questions about the Trump Administration’s proposal to “fill up” the SPR.

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Lukas Ross, senior policy analyst with Friends of the Earth, issued the following statement in response:

The fossil fuel industry does not deserve a bailout now or ever, the American people do. The Trump Administration is preparing to exploit this moment of national crisis to throw billions of dollars at polluters. Additional giveaways like royalty relief are reportedly under consideration as well. We call upon leaders in both the House and the Senate to refuse any additional funding for crude oil purchases and any other dirty energy handout.

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