U.S. senators introduced a bill on Thursday designed to expand the ban on selling off the nation's oil held in the Strategic Petroleum Reserves to China.
U.S. senators introduced a bill on Thursday designed to expand the ban on selling off the nation's oil held in the Strategic Petroleum Reserves to China. U.S. President Joe Biden signed a funding bill earlier this month that blocked Chinese companies from purchasing U.S. crude oil held in the nation's SPR, but the bill still allowed oil sales to Chinese companies, provided the oil wasn't actually being exported to China.
'This bipartisan bill will ensure America's Strategic Petroleum Reserve does not fall into the hands of those trying to harm us and ensure Chinese Communist Party controlled businesses are not making money by stockpiling taxpayer-subsidized oil,' one of the sponsors of the bill, Republican Senator Joni Ernst, said in a Thursday statement to Reuters. Democrat Senator John Fetterman—a co-sponsor of the bill—stressed that enemies of the U.S.
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