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U.S. funding bill blocks China from buying oil from Strategic Petroleum Reserve

·1 min

A provision in the US funding legislation proposed by congressional leaders would prevent China from purchasing oil from the Strategic Petroleum Reserve (SPR). The measure reflects bipartisan sentiment in Congress, with many lawmakers introducing bills targeting competition with the Chinese government. The issue gained attention after President Joe Biden announced a sale of 180 million barrels of SPR oil in 2022 to control soaring gasoline prices following Russia’s invasion of Ukraine. The SPR’s current reserves stand at over 360 million barrels, though they have reached 40-year lows due to recent sales. The bill awaits votes in both the House and the Senate.