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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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MNI China Daily Summary: Thursday, December 12
House Of Representatives Passes SPR "Protest" Bill
The US House of Representatives has passed a bill restricting the Department of Energy from selling oil from the Strategic Petroleum Reserve without a corresponding plan to increase oil production on federal land.
- The bill will head to the Democrat controlled Senate where it will almost certainly fail. If it passes the Senate it be subject to a veto from President Biden.
- The bill is the second piece of "protest" legislation brought to the House floor by the Republican majority designed to highlight what the GOP argues are failings in Biden administration energy policy which has left the US vulnerable to geopolitical volatility and international oil producers.
- Senator Kevin Cramer (R-ND): “The SPR was created during a time of energy scarcity. You don’t need an emergency reserve to bail you out of high energy prices. You just need to use the Bakken or Permian Basin.”
- Rep Cathy McMorris Rodgers (R-WA), chair of the House Energy and Commerce Committee, said: "President Biden has turned a longtime bipartisan strategic asset, the Strategic Petroleum Reserve, into a political tool to cover up the consequences of his expensive rush-to-green agenda."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.