Monday, July 25, 2022

With Strategic Petroleum Reserve at lowest level since 1985, US sells stockpiled oil to China

Every House Democrat voted against a ban on selling oil from the SPR to China.

  1. David Valadao (R-Calif.) offered a motion in the House last week to "immediately consider legislation that would prohibit the sale of oil drawn from the Strategic Petroleum Reserve to entities under the control of the Chinese Communist Party or for export to China," he said in a press release.
  2. That same day, 19 House Republicans sent a letter to Energy Secretary Jennifer Granholm demanding to know why her department sold nearly a billion barrels of SPR oil to an American subsidiary of Sinopec, a Chinese company in which Hunter Biden invested heavily.
  3. By March, one month into Russia's invasion of Ukraine, reserves had fallen to 565 million barrels, and by July, 480 million barrels were left in the SPR, according to data from the U.S. Energy Information Administration.
  4. "I've been releasing about 1 million barrels of oil a day from the Strategic Petroleum Reserve and rallied our global partners to release a combined 240 million barrels of oil onto the market," he tweeted.
  5. While U.S. Strategic Petroleum Reserve stockpiles have fallen to their lowest level since 1985, every congressional Democrat voted Wednesday to continue sending oil from the SPR to China.

 

https://justthenews.com/government/white-house/us-strategic-petroleum-reserve-lowest-level-1985 

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