Senate Moves To Block Sale Of Oil From Strategic Petroleum Reserve To China, Iran
Posted by M. C. on July 22, 2023
“We know China has been amassing the largest stockpile of crude in the world. Nevertheless, last year, the United States sold off part of our reserves to China.
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The Senate on Thursday passed an amendment to the National Defense Authorization Act (NDAA) that would ban sales of oil from the Strategic Petroleum Reserve (SPR) to China, North Korea, Iran, and Russia.
The effort, which passed the Senate 85-12, was spearheaded by Senator Ted Cruz (R-TX) and West Virginia Senator Joe Manchin (D-WV). Under President Joe Biden, the SPR has been drained to 40-year lows.
“We know China has been amassing the largest stockpile of crude in the world. Nevertheless, last year, the United States sold off part of our reserves to China. I have been working with Senator Manchin to prohibit such inexplicably reckless moves in a bipartisan way. Our amendment prevents the federal government from selling oil from the strategic petroleum reserve to China, Russia, Iran, or North Korea. We should not be selling our emergency oil reserves to our adversaries,” Cruz said.
Manchin, a critic of the Biden administration’s energy policy, also warned about American oil going to China.
“Following Putin’s invasion of Ukraine, the U.S. ramped up production and exports to help meet global demand. It had been devastating to the world. China, on the other hand, stockpiled oil and held back refinery production and while China was stockpiling, one of its state-owned companies purchased over 1.4 million barrels from the United States of America, the people of our great country, from our own stock of reserves. That’s what we’re trying to stop,” the West Virginia Democrat said.
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