Category: News

Congressman Posey says Petroleum Reserve is National Security Asset

January 25, 2023

On January 12th, 2023, Florida Congressman Bill Posey (R-Rockledge) said he is in support of of House Resolution (H.R.) 22 titled Protecting America’s Strategic Petroleum Reserve from China Act.

H.R. 22 will prevent the sale and export of crude oil that is in the Strategic Petroleum Reserve (SPR) to China or any entity that is controlled, owner or influenced by China controlling political party, the Chinese Communist Party. There is also a condition of sale that must be included in the sale of any crude oil from the Strategic Petroleum Reserve. The condition is it cannot be exported to China.

“The strategic petroleum reserve is a national security asset intended for use in wartime or during a national emergency,” said Congressman Bill Posey. “Over the last two years the Biden Administration has drained the reserve to a 40-year low, allowing some of this oil to be sold to China, further putting our nation at risk. This legislation safeguards our reserve and prevents future sales to CCP-owned entities.” 714 Million Barrels. The strategic reserves are held in Louisiana.

The Strategic Petroleum Reserve is the world’s largest storage of petroleum, with a maximum capacity of 714 Million Barrels.

President Joe Biden ordered a massive release of oil from the reserve, over 180 million barrels of oil, according to the BBC.

The Strategic Petroleum Reserve was created in response to the Energy Crisis of 1973, which saw a massive jump in oil prices for a handful of countries, including the United States, due to an embargo emposed by Saudi Arabia. The embargo was imposed on the United States and other Countries that supported Israel during the Yom Kippur War, of which Saudi Arabia supported the opposing side of the war.

Congressman Bill Posey represents Florida’s 8th Congressional District, which consists of Indian River and Brevard Counties along with a small part of Orange County. He has been serving in Congress since 2009 and was a Florida State Senator and Florida State Representative prior to becoming a member of the U.S. House of Representatives.

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