Bill by Ted Cruz Would Deliver Major Blow to Chinese Economy
Ted Cruz (Republican from Texas) introduced Wednesday a bill that would prohibit the Biden administration’s sale of oil from the U.S. Strategic Petroleum Reserve to China and Chinese Communist Party(CCP-owned) companies.
Cruz’s bill, the Protecting America’s Strategic Petroleum Reserve from China Act, was cosponsored by over a dozen Senate Republicans and closely mirrors the bill passed by the House this month. The House bill was approved by an overwhelming vote of 331 to97. 113 House Democrats voting in favor.
If the Democratic leaders agree to take up the bill, the bill will have a chance in Senate because of the easy House vote.
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Ted Cruz, a Texas senator, proposed a bill that would prohibit American crude oil being sold from the SPR from any Chinese company and ban any export from the SPR from China.
(Kevin Dietsch/Getty Images)
“The Strategic Petroleum Reserve was intended to ensure that America had sufficient oil reserves in the event of an emergency,” Cruz stated this in a statement.
“Instead, Joe Biden sold a portion of this critical national security asset to the Chinese Communist Party when the CCP was stockpiling oil for its own strategic use, and while Americans are paying higher and higher prices for fuel because of the Biden administration’s disastrous energy policies,” Cruz said.
“We need to immediately act to stop this from happening in the future and unleash American energy,” He stated.
Biden first ordered the Department of Energy to tap into SPR in November 2021 and claim it was a “major effort to moderate the price of oil” Prices that are lower on the average “corner gas station.” Biden announced that Russia invaded Ukraine in 2014 and that he would release another 30 million barrels and 180-million barrels in March 2022.
Cruz’s bill, the Protecting America’s Strategic Petroleum Reserve from China Act, was cosponsored by over a dozen Senate Republicans.
(Reuters)
DEMS JOIN GOP IN VOTE TO BLOCK BIDEN FROM SELLING STRATEGIC OIL RESERVES TO CHINA
As a result of the administration’s action, the SPR is at its lowest level since 1986 and Chinese-controlled companies have successfully purchased at auction two million barrels, despite having one of the world’s largest stockpiles of oil.
Los Angeles oil pumpjacks standing in Inglewood Oil Field.
Cruz’s bill would have the effect of banning the sale of American crude oils from the SPR and prohibiting the export of any crude oil to China from the SPR.
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Sens. Roger Marshall, R-Kan.; Kevin Cramer, R-N.D.; Dan Sullivan, R-Alaska; Joni Ernst, R-Iowa; Jerry Moran, R-Kan.; John Boozman, R-Ark.; Mike Braun, R-Ind.; Rick Scott R-Fla. ; Cindy Hyde Smith R-Miss.; Tom Cotton R.Ark.; Roger Wicker, R-Miss.; Tim Scott, R-S.C.; Josh Hawley, R-Mo.The bill was cosponsored and cosponsored by John Cornyn, R.Texas, and Deb Fischer R.Neb.
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