congress big oil

Two Congressmen, Including A Democrat, Seek To Restrict Biden’s Sell-Off Of America’s Oil Reserve

President Joe Biden’s energy policies are so bad that even some in his party are turning against him.

President Joe Biden’s energy policies are so bad that even some in his party are turning against him.

The Washington Examiner reported on Sunday that New Jersey Democratic Rep. Frank Pallone, chairman of the powerful House Energy and Commerce Committee, recently filed a bill that would block Biden from draining America’s strategic oil reservoir and selling the fuel to our enemies.

Pallone’s bill, the proposed “Buy Low and Sell High Act,” would prohibit the Energy Department from selling or exporting oil from the nation’s Strategic Petroleum Reserve to any outfit “owned, controlled, or influenced” by China, Russia, Iran, North Korea, or any other country sanctioned by the U.S., the Examiner noted.

Pallone’s bill would also allow the president to tap the reserve to influence prices when oil tops $90 a barrel.

Such a move “helps us regain control of domestic gas prices and protects drivers from future price fluctuations,” Pallone said in a statement.

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Meanwhile, GOP Sen. Dan Sullivan of Alaska has filed a similar bill that would restrict sales from the SPR to only U.S. companies.

The problem, as the Examiner noted, is that neither bill does anything to block U.S. firms from acquiring SPR stock and selling to anyone else on the global market.

Biden has been selling off the SPR pool for nearly a year in a misguided effort to try to bring down gas prices, which spiked in part because Biden has limited domestic production in pursuit of green energy policies.

Biden took some criticism, albeit largely muted on the left, after the Washington Free Beacon reported that one beneficiary of his petroleum sell-off was a Chinese company whose parent firm’s owners included Hunter Biden.

Reporting on the Pallone and Sullivan bills on Monday, the Free Beacon noted that as of Sept. 30, the SPR contained just 416.4 million barrels — the lowest level since 1984.

Biden, meanwhile, is reportedly considering draining the SPR of another 100 million barrels.

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