Senate Bill Would Block Reserve Oil Exports to China, Others
A group of Senate Republicans this week introduced a bill that would restrict certain U.S. crude oil exports from being shipped to foreign “adversaries.” The No Emergency Crude Oil for Foreign Adversaries Act would block U.S. Strategic Petroleum Reserve auctions from selling oil to China, Russia, North Korea and Iran, with certain exceptions for “national security reasons.” The bill would also require the Energy Department to report on the destinations of exported oil from previous auctions.
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One of the sponsors, Sen. Jim Inhofe, R-Okla., said the measure is specifically aimed at limiting energy exports to China. “China is our greatest threat,” Inhofe said. “We should be holding the Chinese Communist Party accountable for their actions, not assisting them in their efforts to stockpile oil as another means to challenge the United States and our allies.”