• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 18 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

U.S. Congress To Vote On Ending SPR Oil Sales To China

  • House Majority Leader Steve Scalise: The U.S. House of Representatives is set to vote this week on ending sales of the U.S. Strategic Petroleum Reserves to China.
  • Senators James Lankford and Ted Cruz introduced a No Emergency Crude Oil for Foreign Adversaries Act over the summer.
  • Some of last year’s emergency SPR sales did go to Chinese owned companies, including to Unipec America.

The U.S. House of Representatives is set to vote this week on ending sales of the U.S. Strategic Petroleum Reserves to China, House Majority Leader Steve Scalise said in a Tweet.

 The vote on the measure will take place Tuesday or Wednesday, Scalise said.

Senators James Lankford and Ted Cruz introduced a No Emergency Crude Oil for Foreign Adversaries Act over the summer—the bill would have banned the export of crude oil from the nation’s reserve stockpile to countries such as China.

“At a time of skyrocketing inflation and record gas prices, and with SPR drained to its lowest level since 1986, it is reckless and inexplicable that President Biden would allow oil from the Strategic Petroleum Reserve to be exported to China. This practice poses a direct threat to American national security, not least of all because the Chinese Communist Party is currently stockpiling oil for strategic use, and the Biden administration is aiding their effort,” Cruz said at the time.

The current bill, known as H.R. 22, Protecting America’s Strategic Petroleum Reserve from China Act, “will prevent further direct or indirect sales and exports from our Strategic Petroleum Reserve to the Chinese Communist Party and help end Biden’s abuse of our strategic reserves.”

The current process allows for crude oil sales from the nation’s SPR to companies who make the highest offer, which includes U.S. subsidiaries of foreign oil companies, which could then export that crude oil overseas.

Some of last year’s emergency SPR sales did go to Chinese owned companies, including to Unipec America—which is wholly owned by Sinopec, China’s state-run oil company.

The practice drew criticism over the summer when domestic gasoline prices were running at uncomfortable highs, with some arguing that shipping crude oil from the SPR out of the country did little to bring down gasoline prices at home.

The last batch of SPR contracts went to Phillips 66. Marathon Petroleum Supply and Trading, Shell Trading, Valero Marketing and Supply, Macquarie Commodities Trading US, and Equinor Marketing and Trading. Deliveries were set to be complete by December 31, and concludes the 180 million barrels sell-off program that the Biden Administration announced in March 2022. 

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News