New Cruz Bill Stops Selling SPR Oil to China and CCP-Owned Companies

Sen. Ted Cruz, D-Tex., introduced a bill on Wednesday to prevent the Biden administration from selling oil from the US Strategic Petroleum Reserve (SRP) to companies owned by China and the Chinese Communist Party (CCP).

Cruz’s bill, the Protect America’s Strategic Petroleum Resources from China Act, was supported by more than a dozen Republicans in the Senate and closely mirrors the bill passed by the House of Representatives this month. The House bill passed with a overwhelming bipartisan majority (331 votes to 97), with 113 House Democrats voting in favor of it.

An easy vote in the House of Representatives means the bill has a chance in the Senate if Democratic Party leaders agree to pass it.

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Senator Ted Cruz’s bill would ban the sale of U.S. SRP crude oil to any company under the control of the Chinese Communist Party and would ban the export of any SRP crude oil to China.
(Kevin Ditch/Getty Images)

“The Strategic Petroleum Reserve was designed to provide enough oil to America. Instead, Joe Biden sold oil to the Chinese Communist Party as the CCP stockpiled oil for its own strategic use, and while Americans pay higher and higher fuel prices because of the Biden administration’s disastrous energy policies,” Cruz said in a statement.

“We need to act now to prevent something like this from happening in the future…and unleash American energy,” he said.

Biden was the first to order Ministry of Energy take advantage of the SPR in November 2021, saying it was a “serious attempt to lower oil prices” and lower prices at the average “corner station”. After Russia invaded Ukraine last year, Biden announced a release of 30 million barrels and another 180 million barrels in March 2022.

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Cruz’s bill, the China-America Strategic Oil Protection Act, was supported by more than a dozen Republicans in the Senate.
(Reuters)

Democrats join GOP in vote to ban Biden from selling strategic oil reserves to China

As a result of the administration’s actions, the SPR is at its lowest level since 1986, and Chinese-controlled companies successfully bought two million barrels at auction despite having one of the world’s largest oil reserves.

Oil pumping stations are at the Inglewood oil field in Los Angeles.

Cruz’s bill would ban the sale of U.S. SRP crude oil to any company controlled by the Chinese Communist Party and would ban the export of any SRP crude oil to China.

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Senators Roger Marshall, R-Kan., Kevin Kramer. RN.D., Dan Sullivan. R-Alaska, Joni Ernst, R-Iowa, Jerry Moran, R-Chan., John Boozman, R-Arc, Mike Brown, R-Indiana, Rick Scott, R-Florida, Cindy Hyde-Smith, R.-Miss. , Tom Cotton-R-Arkansas, Roger Wicker, R-Ms., Tim Scott, RSC, Josh Hawley, R-Mo., John Cornyn, R-Texas, and Deb Fisher, R-Sky, co-sponsored the bill.