The Biden administration sharply reduced stocks of oil in the national Strategic Petroleum Reserve to the lowest levels in decades at the same time China is bolstering its reserves of oil and ratcheting up tensions over a potential conflict with Taiwan.
U.S. government-oil held in the reserve decreased by nearly half after the administration adopted a plan to curb soaring domestic gas prices. U.S officials say the soaring fuel prices of 2022 were the result of supply shocks caused by the Russian invasion of Ukraine, and not Mr. Biden’s own push for clean energy and discourage the use of fossil fuels.
Army Maj. Gen. Joseph P. McGee, the Joint Staff’s vice director for strategy, plans and policy, told a House hearing last week that despite Chinese military shortcomings, fears of a war in the region are real. The White House in July 2022 announced plans to release 180 million barrels of oil from the reserve over six months, together with 60 million barrels from allies through the International Energy Administration. The Treasury Department estimated at the time that the combined release would lower gas prices by between 17 cents and 42 cents a gallon.
Ms. Granholm, the Energy secretary, said in July that the reserve will be replenished. Doing so will take years and is unlikely to be refilled before Mr. Biden’s term ends in January 2025. Fuel shortages could result in delays of Navy forces responding to a Chinese attack. U.S. forces could also find themselves left stranded or forced to transit to areas that pose greater risk of PLA navy attacks, he said.
The Pentagon, for its part, has launched an initiative to reduce fuel demand as part of its green agenda. The plan calls for reducing use of fossil fuels mainly in transport and refueling aircraft, ships and ground vehicles. The increase last summer rose from the 1.77 million barrels per day that were added in May, and represents the largest jump since June 2020, he stated. The Chinese added 950,000 barrels per day to inventories, an increase of 28% from the 740,000 barrels per day added for the entire year of 2022.
The amendment will block the federal government from selling oil from the strategic petroleum reserve to China, Russia, Iran or North Korea.
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