H.R. 22 would prohibit the release of petroleum products from the Strategic Petroleum Reserve and the sale of those products to any entity owned or controlled by the People’s Republic of China unless the products will not be exported to the People’s Republic of China. CBO expects that H.R. 22 could limit the number of entities competing to purchase such products and thus lower oil prices, which would reduce offsetting receipts (offsetting receipts are recorded as reductions in direct spending) from planned sales, relative to current law.
