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Oil Sales

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"US Funding Bill Prohibits China's Access to Strategic Petroleum Reserve Oil"

Originally Published 1 year ago — by Reuters

The U.S. funding legislation includes a measure that would prevent China from purchasing oil from the Strategic Petroleum Reserve, reflecting bipartisan concern over competition with China. This move comes after President Biden's announcement of a sale of 180 million barrels of SPR oil to address soaring gasoline prices following Russia's invasion of Ukraine. The bill, which lays out funding for government segments, is set for a House vote before the Senate considers it, with the issue of SPR oil sales to China remaining a contentious topic.

business politicsenergy bipartisan-sentiment china oil-sales politicsenergy strategic-petroleum-reserve us-funding-bill

Senate Votes to Block Sale of Strategic Oil Reserves to China and Iran, Citing National Security Concerns

Originally Published 2 years ago — by The Daily Wire

The Senate has passed an amendment to the National Defense Authorization Act that would prohibit the sale of oil from the Strategic Petroleum Reserve (SPR) to China, North Korea, Iran, and Russia. The amendment, spearheaded by Senators Ted Cruz and Joe Manchin, aims to prevent the sale of emergency oil reserves to adversaries. The move comes after concerns were raised about the Biden administration selling nearly a million barrels from the reserve to a Chinese state-controlled crude giant. The House had previously passed a similar measure, with bipartisan support.

nation politics china iran oil-sales politics senate strategic-petroleum-reserve