The legislation, which has bipartisan support, is expected to reach the floor of each chamber by Friday, when a short-term funding measure runs out. Once passed, it would then go to President Barack Obama's desk to be signed.
The world's largest supply of government-owned emergency oil, held in a series of salt caverns in Texas and Louisiana, currently holds 695 million barrels, well over the minimum required by international agreements. The deal could also allow the secretary of energy to direct the sale of some oil during fiscal years 2016 to 2017.
Amid the drilling boom that has boosted domestic oil production by 80 percent since 2008, the SPR has been a target of lawmakers looking for ways to help fund legislation for everything from highway improvements to a program to speed new drugs to market.
In a budget deal reached in October between Republicans in Congress and Obama, the government will sell 58 million barrels from the SPR between 2018 and 2025.