The 118th Congressional Bill, H.R. 22 (Protecting America’s Strategic Petroleum Reserve from China Act) has been passed by the House. An update.
“NJ Democrat, Frank Palone said he plans to take advantage of the open rule to offer as an amendment a measure he sponsored that would create an ‘Economic Petroleum Reserve’, through which the Energy Department would purchase oil at a low price and sell when prices are high to address high pump prices.”
Palone failed to move his Congressional Bill, H.R. 8989, (The establishment of an Economic Petroleum Reserve) beyond the ‘Introduction’ stage in the 117th Congress under Pelosi’s control. So basically he still wants to sell the Strategic Petroleum Reserves to China at will (using the ‘waiver’ clause in H.R. 8989). Good luck with all this gibberish in the 118th Congress. Thankful for House Rs.
The first flaw I see with his plan is, that in order to be successful, you first need low prices. By the way, at today’s prices, Joe will not even refill the Strategic Petroleum Reserve (SPR) with the 266 million barrels he now owes it. The second flaw is that Palone is somewhat vague about how the profits will be used. This portion of his plan needs to be further developed before it can even be considered.
Some Ds would love to split the Strategic Petroleum Reserves in to two categories, the (SPR) and the (EPR). Again, good luck with that. Sanctimonious, Slippery little Suckers. Got to watch these guys, they are trying to both control the price AND create another revenue stream to fund their liberal agenda. Neither of which promotes national security in time of crisis.
Mrs. Smith
