Biden asked China to release oil reserves to ease prices, increase economic cooperation: report

Chairman Biden appealed to Chinese President Xi Jinping to release crude oil oil from its strategic reserves in a move aimed at stabilizing rising oil prices, the South China Morning Post reported. China is the world’s largest net importer of oil.

Biden and Xi held a virtual meeting earlier in the week where they covered a range of topics, including opportunities for economic cooperation between the two countries.

US Secretary of State Antony Blinken and Chinese Foreign Minister Wang Yi also touched on the issue two days before the president’s discussion.

President Joe Biden, left, speaks as he almost meets with Chinese President Xi Jinping on the screen from the Roosevelt Room in the White House in Washington, Monday, November 15, 2021. Secretary of State Antony Blinken, Center, and Finance Minister Janet Yellen, to the right, also attended the meeting.  (AP Photo / Susan Walsh)

President Joe Biden, left, speaks as he almost meets with Chinese President Xi Jinping on the screen from the Roosevelt Room in the White House in Washington, Monday, November 15, 2021. Secretary of State Antony Blinken, Center, and Finance Minister Janet Yellen, to the right, also attended the meeting. (AP Photo / Susan Walsh)

A report from South China Morning Post indicates that China has signaled that it is open to Biden’s request but has not yet committed itself to any specific measures as it needs to consider its own domestic consumption needs. The release could possibly be coordinated with other powers, including Japan, also a net oil importer, and India, which has recently become a net exporter.

Deputy Prime Minister Han Zheng said the authorities must “strengthen the management of energy trade and reserve management in order to better guide and stabilize market expectations.”

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Rep. August Pfluger, whose Texas district includes one of the country’s largest energy-producing regions, blew up Biden’s move.

“I find it ironic that the week after COP26, President Biden advocates for an increase in oil on the market through coordinated releases of Strategic Petroleum Reserves (SPR),” Rep. Pfluger told Fox News. increase production, President Biden is now turning to another enemy by asking China to release their SPR as well. Instead, this administration should quickly approve pipelines and permits to allow more drilling on U.S. soil. . “

Jason Modglin, president of the Texas Alliance of Energy Producers, confirmed Biden’s talk with China about releasing oil from its strategic reserves and told Fox News that Biden’s appeal shows “the underlying need of the world for oil” and that it is seeking outside help “is only a temporary measure.”

“If the government was serious about addressing price inflation from oil supply constraints, they would encourage and approve more pipelines, LNG export facilities and provide assurance on federal policy to promote domestic production of oil and natural gas,” Modglin said.

Pipes for the Keystone XL Pipeline Stacked in a Farm Near Oyen, Alberta, Canada, Tuesday, January 26, 2021. US President Joe Biden revoked the license for TC Energy Corp.'s Keystone XL energy pipeline via notice hours after its inauguration, the so far the clearest sign that it has become an impossible task to build a major new pipeline in the United States.  Photographer: Jason Franson / Bloomberg via Getty Images

Pipes for the Keystone XL Pipeline Stacked in a Farm Near Oyen, Alberta, Canada, Tuesday, January 26, 2021. US President Joe Biden revoked the license for TC Energy Corp.’s Keystone XL energy pipeline via notice hours after its inauguration, the so far the clearest sign that it has become an impossible task to build a major new pipeline in the United States. Photographer: Jason Franson / Bloomberg via Getty Images

The bid’s appeal to China is the latest in a series of statements to foreign energy sources in an attempt to deal with rising energy prices. The combination of Biden’s efforts to curb US oil production and a subsequent crisis in the supply chain have forced prices to record high gas and oil prices, causing a significant crisis for US consumers. U.S. oil production has fallen by about 1 million barrels a day from the peak in 2019, with Russia filling most of the void to keep up with demand.

Biden moved quickly after taking office to adopt his energy agenda by shutting down the Keystone XL pipeline, which would have transported the equivalent of 830,000 barrels of oil from Alberta’s tar sands to refineries on the Gulf Coast by day.

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Recent reports have suggested that Biden may shut down Line 5 pipeline running through Michigan, but he has not yet taken a position on the matter.

Despite these measures, the Biden administration has too waived sanctions against a pipeline for Russia to send energy to Germany. Data from US Energy Information Administration shows that Russia recently passed Mexico and is now the United States’ second largest source of oil imports – about 795,000 barrels a day.

Biden tried too seeking OPEC to produce more crude oil, but the cartel repeatedly refused to do so as part of its ongoing efforts to control and limit production whenever possible.

Saule Omarova, Bidens’ nominee for the Office of the Controller of the Currency, said in February that letting US energy companies go bankrupt could help fight climate change.

During a presentation for a “Seminar on social wealth“, Omarova argued for a US National Investment Authority – a proposed federal agency that would work with the Treasury Department and the Federal Reserve to allocate public and private capital to green infrastructure companies, according to Data for Progress.

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“The NIA will be able to negotiate ownership interests in private companies receiving public support, whether it is part of the systemic rescue package or be part of … individual restructuring aid, for example for certain troubled industries and companies in transition. ” she said.

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