© AP Photo / Eric Gay
WASHINGTON, July 9 – RIA Novosti. The US administration urges Congress to pass a bill authorizing the sale of oil from the strategic reserve of the country in order to financing the modernization of the system.
According to the report of the White House, the bill offers a “sell oil from the Strategic Petroleum Reserve as a source of funding.”
“The administration acknowledges the importance of the investments needed to modernize the Strategic Petroleum Reserve to ensure that it continues to support the energy security of the United States,” – said in a letter to the White House sent to Congress.
In 1970, -x’s OPEC member countries have declared that they will not supply oil to countries that supported Israel in the conflict with Syria and Egypt. It primarily affected the US and its allies in Western Europe. Ending oil flows to the US from many Arab countries threatened the US economy significant shocks.
Then, December 22, 1975 decree of President Gerald Ford’s “Energy Policy and Conservation Act”, it was decided to establish strategic oil reserves to ensure energy security of the United States. US Strategic Petroleum Reserve is the largest repository of oil in the world.
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