U.S. Funding Legislation Blocks China from Buying Oil from Strategic Petroleum Reserve

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The funding legislation introduced by congressional leaders on Sunday includes a provision to prevent China from purchasing oil from the Strategic Petroleum Reserve (SPR).

This measure reflects a bipartisan consensus in Congress to take a tough stance on China, amid increasing competition with the Chinese government.The issue of sales from the SPR to China gained prominence following President Joe Biden’s announcement in 2022 to sell 180 million barrels of SPR oil to stabilize gasoline prices after Russia’s invasion of Ukraine.

The 1,050-page bill unveiled on Sunday outlines funding for six segments of the government, with the remaining six segments expected to be addressed later in the month. The House of Representatives must vote on the bill before it can proceed to the Senate for consideration, with Senate Majority Leader Chuck Schumer aiming for Senate action before Friday. The House is scheduled to reconvene in Washington on Tuesday.

Source: Reuters

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