Home passes invoice limiting oil reserve gross sales to China

Previous to the vote, Rodgers mentioned the SPR needs to be reserved for power provide chain disruptions, comparable to hurricanes, and that China was the final word beneficiary of the gross sales.

“China now controls the world’s largest government-controlled stockpile of oil with virtually a billion barrels on the expense of American taxpayers and our power safety,” mentioned Rodgers.

Home Vitality and Commerce rating member Frank Pallone Jr., D-N.J., mentioned the Republicans created the difficulty in 2015 once they lifted the ban on crude oil exports, a transfer he opposed.

“In consequence, our crude oil exports to China surged, averaging a half million barrels daily over the last yr of the Trump administration,” Pallone mentioned. “China hoarded these barrels to construct up its personal petroleum reserves.”

He mentioned the invoice might have garnered broader assist if it was thought-about by means of common order and prolonged prohibitions on gross sales to Russia, Iran, North Korea and different nations beneath U.S. sanctions, citing bipartisan assist for a invoice launched by Reps. Chrissy Houlahan, D-Pa., and Don Bacon, R-Neb., final Congress which included these provisions.

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