(Washington Comprehensive) According to the expenditure bill released by the US Congress Sunday, China will be banned from purchasing oil from the U.S. National Emergency Reserve.
Comprehensive Reuters and Bloomberg reports, the US Congress negotiating representatives announced the government expenditure bill on Sunday (March 3), which includes prohibiting the sale of oil reserves to China.
The starting point of this bill dates back to 2022. In order to suppress the soaring oil prices after the Bayeng government has soared after the Russian -Ukraine conflict, it announced the release of 180 million barrels of strategic oil reserves.In the same year, the U.S. government sold 1 million barrels of strategic oil to Sinopec's United Petrochemical America.Critics believe that this reduces US energy security and also makes the US Congress's concerns about China ’s purchase of strategic oil.
The current strategic oil reserve of the United States is 360 million barrels, close to 40 years.The Biden government has vowed to supplement the reserves, and has purchased about 23 million barrels since last year.
Chuck Schume, the major party leader of the United States Senate, said that the House of Representatives must vote for the bill first, and then the Senate can review the bill before Friday.Reuters reports that although the two parties in the United States are seriously different, they all hope to adopt a strong stance on China to solve their competitive problems with the Chinese government.
In July last year, the US Senate also passed a bill that prohibited from exporting strategic reserves to China.
