Banning SPR Oil Exports to Foreign Adversaries Act Banning Strategic Petroleum Reserve Oil Exports to Foreign Adversaries Act
Impact
If enacted, this legislation would significantly alter the landscape of U.S. energy policy by ensuring that critical resources from the SPR are not accessible to countries that may pose a threat to U.S. interests. The Secretary of Energy would be tasked with enforcing this prohibition, and a waiver could be granted only if it is certified that exports serve the national security interests of the United States. This amendment could lead to a centralizing of control over strategic energy resources and a reassessment of current partnerships in energy trade.
Summary
House Bill 942, known as the Banning Strategic Petroleum Reserve Oil Exports to Foreign Adversaries Act, aims to amend the Energy Policy and Conservation Act by prohibiting the export or sale of petroleum products from the Strategic Petroleum Reserve (SPR) to specific countries deemed as foreign adversaries. The bill targets nations such as China, North Korea, Russia, and Iran, as well as any entities under their control, highlighting concerns regarding national security and energy independence.
Contention
Notable points of contention surrounding HB 942 include the implications for international trade relations and energy market dynamics. Supporters argue that restricting exports to adversarial nations strengthens national security and protects American energy resources. However, critics may raise concerns regarding the economic ramifications, questioning whether such restrictions could lead to higher domestic prices or reduced market competitiveness. The bill's effect on diplomatic relations with targeted nations could also spark debate on maintaining a balance between security and international commerce.
Banning Oil Exports to Foreign Adversaries Act This bill requires the Department of Energy (DOE) to prohibit the export or sale of petroleum products (e.g., crude oil) from the Strategic Petroleum Reserve to (1) China, North Korea, Russia, and Iran; (2) any other country the government of which is subject to sanctions imposed by the United States; and (3) any entity owned, controlled, or influenced by such countries or the Chinese Communist Party. However, DOE may issue a waiver of the prohibition if the export or sale of petroleum products is in the national security interests of the United States.
Buy Low and Sell High Act This bill revises requirements concerning the Strategic Petroleum Reserve (SPR) and sets forth provisions to reduce the demand for petroleum fuel and increase fuel supply. For example, the bill directs the Department of Energy (DOE) to establish within the SPR an Economic Petroleum Reserve of up to 350 million barrels of crude oil. DOE must also establish a national network of Strategic Refined Petroleum Product Reserves to store up to 250 million barrels of gasoline and diesel fuel, which may be sold when there is a severe fuel supply interruption within the district in which the reserve is located. In addition, the bill increases the cap on the amount of barrels of petroleum distillate that may be stored in the Northeast Home Heating Oil Reserve from two million to four million. It also establishes limits on the sale and exportation of petroleum products from such reserves. Further, the bill establishes provisions concerning electrifying the transportation sector, zero-emission vehicles, and a program to increase the amount of crude oil refined in oil refineries in certain countries in the Western Hemisphere.
No Oil for CCP Act This bill bans exports of crude oil from the Strategic Petroleum Reserve (SPR) to China, North Korea, Iran, and other specified recipients. Specifically, the bill directs the Department of Energy to require as a condition of any sale of crude oil from the SPR that (1) the oil not be exported to such countries; and (2) the recipient of the oil is not under the ownership, control, or influence of the Chinese Communist Party.
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