Bill would lower gas prices, block petroleum exports to Chinese Communist Party

Congress created the Strategic Petroleum Reserve (SPR) to insulate Americans from global oil supply disruptions after the Organization of Petroleum Exporting Countries (OPEC) oil embargo of 1973 – 1974.

SPR is the world’s largest emergency supply of crude oil in 2022, according to a press release.

The Buy Low and Sell High Act would create an Economic Petroleum Reserve (EPR) to lower gas prices, and make money for American taxpayers by empowering the U.S. Department of Energy (DOE) to buy oil when prices are low and sell when prices are high.

Led by U.S. Representative Frank Pallone of New Jersey, U.S. Rep. Abigail Spanberger of Virginia helped to introduce the legislation last week not only to lower gas prices in the U.S., but to block strategic petroleum reserve exports to the Chinese Communist Party.

“When gas prices are high and energy markets are volatile, Virginia families face significant financial uncertainty,” Spanberger said in the press release. “And too often, domestic price fluctuations are dictated by foreign countries — many of whom are our strategic adversaries. This legislation brings power back to the American consumer, prevents foreign manipulation, and gives the United States the ability to protect U.S. drivers from debilitatingly high gas prices. I’m proud to help introduce a bill that would bring more American control to domestic energy markets and reduce our dependence on foreign oil — especially in light of the market uncertainty we’ve seen over the past few years.”

The legislation would prohibit barrels stored within the SPR and EPR from being owned or controlled by China, Russia, Iran, North Korea or any other country under U.S. sanctions. Domestic reserves of home heating oil would double and keep thousands of Virginia households heated during the winter months.

Additionally, the legislation would make it possible for the establishment of strategic gasoline and diesel reserves in every region of the country, reduce American reliance on foreign oil, and empower states to lead the transition to electric vehicles (EVs) by investing profits from oil sales in state EV infrastructure programs.