BANGOR DAILY NEWS • January 26, 2023
President Joe Biden might be losing an oil export fight in Congress being led by a Maine senator. This week, Collins and U.S. Sen. John Barrasso, R-Wyoming, picked a fight with the Biden administration by introducing a measure to ban exports from the nation’s petroleum reserve to China and “other countries of particular concern.” It comes at a time of high gas prices in the U.S. and across the world, a main justification for the bill. Oil is sold to companies that bid the highest for. Some of the companies are subsidiaries of foreign companies, and some export the oil to overseas buyers. These exports still affect world markets and push gas prices down here, experts told the website. Less than 3 percent of this oil over the past five years has gone to China, PBS reported. Energy Secretary Jennifer Granholm has said Biden would veto the bill if it passed because it could raise prices.