With the U.S. Petroleum Reserves moving steadily downward for 70 weeks in a row, many believe it's time to stop selling off the country's oil, especially to our adversaries.
"The U.S. Strategic Petroleum Reserve moved down for the 70th consecutive week to its lowest level since 1983. The 37% decline in reserves last year was the largest on record by a wide margin," Creative Planning Chief Market Strategist Charlie Bilello wrote in a Jan. 11 Twitter post.
America exported 176,009 barrels of crude oil to China in 2020 and in 2021, the country exported 93,365 barrels of crude oil to China, with 40,601 barrels of crude oil exported to China from May to October of 2022, according to the U.S. Energy Information Administration.
Many lawmakers believe that the U.S. should cease exports of oil to China. H.R. 22 – Protecting America’s Strategic Petroleum Reserve from China Act was introduced in the House of Representatives by Congresswoman Cathy McMorris Rodgers (R-WA). The bill prohibits the sale and export of crude oil from the Strategic Petroleum Reserve (SPR) to China. Specifically, the bill prohibits the Department of Energy (DOE) from selling petroleum products (e.g., crude oil) from the SPR to any entity that is under the ownership, control or influence of the Chinese Communist Party. Further, the DOE must require as a condition of any sale of crude oil from the SPR that the oil not be exported to China.
On Jan. 12, Greg Giroux tweeted that H.R. 22 passed a vote in the U.S. House of Representatives by 331-97 votes. Approximately 218 Republicans voted Aye (in the affirmative) with no Nay votes, and 113 Democrats voted Aye with 97 Nay votes.
That same day, House Republicans tweeted they believe energy security is national security and is one of the reasons why they voted in favor of H.R. 22.
