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The US House of Representatives bans the sale of oil from the Strategic Reserve to China

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The US House of Representatives passed a bill banning the sale of oil from the US strategic reserve to China.

During the voting on Thursday, the bill was supported by 331 MPs, while 97 MPs voted against.

The bill is expected to be considered by the Senate and, if approved, will be submitted to President Joe Biden for signature.

The bill prohibits the sale of oil and petroleum products from the US Strategic Reserve to any company or institution associated with or under the control of the Chinese Communist Party. The project only excludes sales not intended for export to China as a final consumer.

This comes as oil inventories in the US Strategic Reserve hit an all-time low due to the sale of oil from it as part of the US administration’s efforts to lower fuel prices.

House Republican leader Steve Scales accused the Biden administration of “draining” the US strategic reserve and weakening US economic and strategic security.

He pointed out that the reserve had reached its lowest level since 1983.

U.S. Department of Energy data suggests the U.S. administration has sold more than 200 million barrels of oil from its strategic reserve since November 2021 as part of efforts to stabilize energy markets and lower prices.

Analysts expect that the Senate, in which the Democrats have a majority, will not support the initiative.

Source: News

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