After a lengthy debate over numerous amendments, and despite the Biden administration’s promise of a veto, the Republican-controlled House of Representatives passed a bill on Jan. 27 limiting the Biden administration’s ability to draw from the nation’s oil stockpile. First introduced on Jan. 26, the Strategic Production Response Act passed 221–201. The measure is unlikely to clear…
Against Biden Admin Wishes, House Votes to Limit Strategic Petroleum Reserve Release
January 27, 2023
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House Passes Bill Blocking Strategic Petroleum Reserve Exports to China
January 12, 2023
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The House of Representatives has greenlit a bill to block exports from the Strategic Petroleum Reserve (SPR) to China. H.R. 22, “Protecting America’s Strategic Petroleum Reserve from China Act,” on Jan. 12 passed overwhelmingly, 331–97. On the Republican side there were 218 yeas, while on the Democrat side there were 113 yeas. All nays came…
Oil Industry Executive Warns of Another ‘Major’ Crisis in the Coming Weeks
The head of the largest oil and natural gas trade association warned that failure to replenish the U.S. Strategic Petroleum Reserve (SPR) could trigger another oil crisis in the coming weeks. “The Strategic Petroleum Reserve, unfortunately, has become the strategic political reserve. And we have grave concerns about how it has been so politicized. This…
US, Other IEA Members Have ‘Huge’ Oil Reserves That Can Be Tapped If Supply Is Disrupted: Birol
Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol said in a recent interview. The recent “unfortunate decision” by OPEC+ to cut down oil output threatens price outlook, and comes at a time when global economies are on the brink…
Ex-Treasury Secretary Warns of Deficit ‘Doom Loop,’ Says Fiscal Debates Need to Be ‘Back on the Table’
October 24, 2022
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Former Treasury Secretary Larry Summers said in a recent Bloomberg interview that fiscal debates need to be put “back on the table” as surging borrowing costs risk a potential deficit “doom loop.” Summers made the remarks during Friday’s edition of Bloomberg’s “Wall Street Week,” in which he said that the Biden administration’s big spending initiatives,…
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