China Announces Major Gasoline Price Cut After Biden Sends Strategic Reserve Oil to Beijing

China’s government-run Xinhua News Agency announced on Tuesday that the Communist Party would lower gasoline and diesel prices nationwide, a move following growing purchases of cheap Russian petroleum products and of American gasoline leftist President Joe Biden released from the country’s Strategic Petroleum Reserve (SPR).

“The prices will go down by 130 yuan (about 19 U.S. dollars) per tonne and 125 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC),” Xinhua reported. The communist regime outlet noted that the price drop was the fifth of its kind this year and fourth since June. The government agency announcing the move, Xinhua detailed, acted in response to a drop in international oil prices – partially fueled by a collapse in demand in China, where the Communist Party regularly, and arbitrarily, imposes sweeping Chinese coronavirus lockdowns in major cities without warning.

Xinhua did not report what gasoline and diesel prices were prior to the announced drop on Tuesday or explain how the prices per tonne are reflected in per-liter prices at the gas pump.

The announcement of a price drop for Chinese travelers — who, under the social credit system, can only drive where the government allows them to based on their loyalty to the Communist Party — stands in contrast to ongoing outrage in the United States over gas prices staying at or around $4 a gallon nationwide. The Biden administration has simultaneously attempted to court praise for keeping gas prices under $5 a gallon while arguing that high gas prices may result in more electric vehicle purchases and a more rapid transition to a “green” economy.- READ MORE