Progressive Rep. Khanna blames inflation on Fed; says US should not export oil from strategic reserve

Progressive U.S. Rep. Ro Khanna, D-Calif., on Sunday blamed inflation on the U.S. Federal Reserve and said the U.S. should not be exporting oil from its Strategic Petroleum Reserve except to European allies.

Khanna, who sits on the House Oversight, Armed Services, and Agriculture Committees, appeared on “Sunday Morning Futures,” telling anchor Maria Bartiromo that record inflation is due in part to the Fed keeping quantitative easing in place for too long and the fact that not enough goods are being produced in America.

“Look at the shipping costs, look at the costs for importing all these goods,” the congressman said. “If we had an industrialization policy, if we made more things in America, we would lower costs.”

Khanna questioned why we would want solar panels, batteries, electric vehicles, and wind turbines to be made in China, and said that “America should take the lead” in the new energy for the 21st century.

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The California congressman also called on the U.S. and President Biden to stop exporting oil overseas except to European allies. 

Rep. Ro Khanna speaking at conference

Rep. Ro Khanna, D-Calif., called on the U.S. to stop exporting oil outside the country except to European allies. (Chip Somodevilla/Getty Images / Getty Images)

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“It’s wrong … I don’t think that was the right decision, and we’re still calling on the president not to export it,” Khanna said.

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Khanna’s remarks come after reports earlier this month suggested that more than 5 million barrels of oil released from the Strategic Petroleum Reserve have been diverted to European and Asian nations instead of U.S. refiners.

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