The U.S. Senate passed an amendment to the annual defense bill on Thursday that would ban oil exports to China from the nation’s Strategic Petroleum Reserve (SPR), which sits half empty after President Joe Biden ordered a drawdown to reduce soaring inflation. The amendment, spearheaded by Sens. Ted Cruz (R-Texas) Joe Manchin (D-W.V.) passed the…
Cruz and Manchin Join Forces to Stop Sale of Oil From Strategic Stockpile
LIVE 2 PM ET: House Oversight Subcommittee Holds First Hearing on Depleting the Strategic Petroleum Reserve
March 8, 2023
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U.S. House Oversight and Accountability Committee Economic Growth, Energy Policy, and Regulatory Affairs subcommittee holds its first hearing at 2:00 p.m. ET on March 8 on the depleting of the Strategic Petroleum Reserve: “Burning the Midnight Oil: Why Depleting the Strategic Petroleum Reserve is Not a Solution to America’s Energy Problem, Part I.” Center for Industrial…
LIVE NOW: House Oversight Subcommittee Holds First Hearing on Depleting the Strategic Petroleum Reserve
March 8, 2023
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America's Energy ProblemcongressDepletingeconomyEpochTVEpochTV LiveLive VideosNational SecurityPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsVideo
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U.S. House Oversight and Accountability Committee Economic Growth, Energy Policy, and Regulatory Affairs subcommittee holds its first hearing at 2:00 p.m. ET on March 8 on the depleting of the Strategic Petroleum Reserve: “Burning the Midnight Oil: Why Depleting the Strategic Petroleum Reserve is Not a Solution to America’s Energy Problem, Part I.” Center for Industrial…
US Intends to Sell 26 Million Barrels of Oil From Strategic Petroleum Reserve, to Lowest Level in 40 Years
The Biden administration plans to withdraw 26 million barrels of oil from the Strategic Petroleum Reserve (SPR) this fiscal year, after a sale of 180 million last year, effectively pushing the reserves to its lowest level in four decades. The sale from SPR is set to be delivered to the market between April 1 and…
Bipartisan Bill Introduced to Protect US Strategic Petroleum Reserve
February 1, 2023
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Chairman of the U.S. Senate Committee on Energy & Natural Resources Sen. Joe Manchin (D-W.Va.), in a bipartisan effort led with Sen. Ted Cruz (R-Texas), on Wednesday introduced legislation to prohibit the Biden administration selling crude oil from the U.S. Strategic Petroleum Reserve (SPR) to China or any company controlled by China’s ruling Chinese Communist Party…
Against Biden Admin Wishes, House Votes to Limit Strategic Petroleum Reserve Release
January 27, 2023
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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…
New GOP Bill to Block Sales of SPR Oil to China
January 26, 2023
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Sen. Ted Cruz (R-Texas) on Jan. 25 proposed legislation that seeks to block the United States from selling oil from the Strategic Petroleum Reserve (SPR) to China and Chinese Communist Party (CCP)-owned companies. The bill “Protecting America’s Strategic Petroleum Reserve from China Act” (pdf) was co-sponsored by 15 other Republican senators. “The Strategic Petroleum Reserve…
Biden Will Veto GOP Bill Restricting Strategic Petroleum Reserve Releases: Energy Secretary
January 24, 2023
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President Biden will veto a House Republican bill that would restrict the release of oil from the U.S. Strategic Petroleum Reserve (SPR) emergency reserve, Energy Secretary Jennifer Granholm said on Jan. 23. “If Congress were to pass H.R. 21, the president would veto it. He will not allow the American people to suffer because of the…
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…
Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again
December 30, 2022
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The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week. The Biden administration has tapped over 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since the president took office. President Joe Biden first announced his…
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