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U.S. House passes bill banning exports of reserve oil to China

By Timothy Gardner WASHINGTON (Reuters) - The U.S. House of Representatives overwhelmingly passed a bill on Thursday to ban releases of oil from the U.S. Strategic Petroleum...
U.S. House passes bill banning exports of reserve oil to China © Reuters. FILE PHOTO: A person walks past the U.S. Capitol building at sunset as the Republican-controlled House of Representatives reconvenes on Capitol Hill in Washington, U.S., January 9, 2023. REUTERS/Leah Millis/File Photo

By Timothy Gardner

WASHINGTON (Reuters) - The U.S. House of Representatives overwhelmingly passed a bill on Thursday to ban releases of oil from the U.S. Strategic Petroleum Reserve from being exported to China, though the measure faces an uncertain future in the Senate.

The bill passed 331-97 in the House, which Republicans took narrow control of this month. All of the "no" votes came from Democrats.

The issue of U.S. oil exports to China became a rallying call for Republicans last year when President Joe Biden, a Democrat, announced the sale of 180 million barrels from the SPR to tame oil prices that rose due to Russia's war on Ukraine.

Through October last year U.S. oil companies exported nearly 67 million barrels of oil to China.

But in all of 2020, when Republican Donald Trump was president, the United States exported 176 million barrels to China.

"We shouldn’t hand the keys to our energy future over to the Chinese Communist Party," said Representative Cathy McMorris Rodgers, a Republican from Washington state. She said the Biden administration was "wasting our strategic reserves."

The legislation is one of several "messaging bills" that Republicans are seeking to pass early this year to highlight the difference between the two political parties, said Benjamin Salisbury, an analyst at Height Capital Markets. "But to get legislation into law will require tough compromises" with the Senate, which is controlled by Democrats, he said.

The Biden administration has no set plans to conduct further sales from the SPR, though some smaller sales required by legislation passed by Congress in prior years could occur this year.

U.S. House lawmakers also voted overwhelming this week to create a select committee on China to counter Beijing's growing international influence. House Speaker Kevin McCarthy said it would address issues such as bringing jobs back from China to the United States, securing intellectual property and bringing supply chains back to the country.

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30-01-2023 14:57:14 (UTC+7)

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 EUR/USD1.0859Neutral
 GBP/USD1.2380Buy
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 USD/CAD1.3341↑ Buy
 EUR/JPY140.77↑ Buy
 EUR/CHF1.0022↑ Buy
 Gold1,923.00↑ Sell
 Silver23.727↑ Sell
 Copper4.1830↑ Sell
 Crude Oil WTI79.08↑ Sell
 Brent Oil85.83↑ Sell
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 US Coffee C169.25Sell
 Euro Stoxx 504,178.01↑ Buy
 S&P 5004,070.56↑ Sell
 DAX15,150.03↑ Buy
 FTSE 1007,765.15↑ Buy
 Hang Seng22,055.00↑ Sell
 Small Cap 20001,911.46↑ Sell
 IBEX 359,060.20↑ Buy
 BASF52.790↑ Buy
 Bayer56.28↑ Buy
 Allianz221.65↑ Buy
 Adidas148.30Sell
 Lufthansa9.755↑ Buy
 Siemens AG144.50↑ Buy
 Deutsche Bank AG12.340↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,620/ 6,700
(-100/ -120) # 1,227
SJC HCM6,650/ 6,750
(-70/ -70) # 1,276
SJC Hanoi6,650/ 6,752
(-70/ -70) # 1,278
SJC Danang6,650/ 6,752
(-70/ -70) # 1,278
SJC Nhatrang6,650/ 6,752
(-70/ -70) # 1,278
SJC Cantho6,650/ 6,752
(-70/ -70) # 1,278
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KRW16,5220,13
Cập nhật lúc 14:54:14 30/01/2023
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