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Press Releases

Graves Statement on DOE Crude Oil Storage Contracts

U.S. Congressman Garret Graves (South Louisiana) released the following statement after the U.S. Department of Energy (DOE) announced crude oil storage contracts with nine companies to help store 23,000,000 barrels of U.S. produced crude oil in the Nation's Strategic Petroleum Reserve (SPR).

"We're seeing a drastic decrease in demand for oil right now as communities are working together to flatten the curve. With that being said, if the oil isn't being used and Russia and others have dumped extra oil on global markets, it has to be stored somewhere. I applaud DOE for working quickly to help absorb some of the excess oil supply. Awarding these contracts is a major step in multiple ways – it helps stabilize the global market, makes us more energy independent, and gives U.S. companies and the workforce a chunk of change to stay afloat as the demand and supply of oil are exacerbated by the COVID-19 pandemic. This is an important component to a larger solution to help stabilize energy markets," Graves said.

To read the DOE press release, click here.

Yesterday, Graves released a statement applauding President Trump, the Administration and other involved partners in reaching a historic oil global price deal with OPEC, Russia and other oil-producing nations.

Graves joined his colleagues last week calling upon the Crown Prince of Saudi Arabia Mohammad bin Salman to take immediate action in bringing stability to global crude oil markets. This letter followed after Graves had called upon the U.S. Department of Energy (DOE) to fill the Strategic Petroleum Reserve (SPR) to absorb the supply glut and to counter the economic warfare threats posed by Saudi Arabia, Russia and OPEC nations. Graves later applauded DOE for their decision to fill the SPR.