(Video Credit: Fox Business)
President Joe Biden reportedly sold 5 million barrels of our oil reserves overseas while Americans suffer at the pump and 950,000 barrels of that evidently went to a communist Chinese state-owned oil and gas company that has ties to Hunter Biden.
The oil was taken from the U.S. Strategic Petroleum Reserve with assurances by the Biden administration that it was intended to lower prices at the gas pump for Americans. Not so much, apparently.
In March, the Energy Department announced that it was planning on releasing 30 million barrels of crude oil out of the U.S. Strategic Petroleum Reserve. The “emergency sale” was conducted to “provide a wartime bridge that will support American consumers and the global economy in response to Vladimir Putin’s war of choice against Ukraine.”
Biden claimed that it would “address the pain Americans are feeling at the pump” and fight back against “Putin’s price hike.”
Biden’s Energy Department in April announced the sale of 950,000 Strategic Petroleum Reserve barrels to Sinopec, the trading arm of the China Petrochemical Corporation.
In 2015, a private equity firm Hunter Biden cofounded bought a $1.7 billion stake in Sinopec Marketing.
— Washington Free Beacon (@FreeBeacon) July 7, 2022
The Energy Department received 126 bids and chose 12 companies to receive a portion of the offering. One of those 12 companies was Unipec America, Inc. and it was allotted 950,000 barrels of crude oil in the “price-competitive sale.”
That’s nearly 1 million barrels that went to a Chinese state-owned gas company that has financial ties to a private equity firm that was co-founded by Hunter Biden, according to the Washington Free Beacon.
The sale was announced in April with the oil going to Unipec, which is the trading arm of Sinopec, a company entirely owned by the Chinese Communist Party. Unipec purchases oil all over the planet and then resells it through Sinopec.
Hunter Biden’s equity firm reportedly purchased a nearly $2 billion stake in Sinopec in 2015.
The very definition of “nepotism” – can you image the 💩Storm if this were a Republican administration?!
— GTsabag (@SavtaGaby) July 8, 2022
— 🇺🇸Redrivergrl🇺🇸 (@redrivergrl) July 7, 2022
“Biden is connected to Sinopec through BHR Partners, a private equity firm he cofounded in 2013. BHR bought a $1.7 billion stake in Sinopec Marketing in 2015. Biden at one point owned a 10 percent stake in BHR Partners through his wholly owned firm, Skaneateles, LLC,” the Beacon reported.
What isn’t clear is whether Hunter Biden still owns a piece of BHR Partners or not. The White House has repeatedly asserted that he is no longer involved with the equity firm. Unfortunately for the president’s son, Chinese corporate records still show he has a stake in the company, according to Breitbart. The administration is dodging the issue by referring the media to Biden’s representatives.
Unipec also purchases large amounts of oil from Russia despite promises that it would halt doing so.
The company “significantly increased the number of hired tankers to ship a key crude from eastern Russia,” as of May, according to Bloomberg.
Daniel Turner, who is the founder of Power the Future, slammed Biden’s move.
“This is disturbing on multiple levels. To start with, the president told us he was releasing these reserves to lower the price of gas nationally. And then you find out that he, through Secretary Granholm of the Department of Energy, is selling them around on the world market and selling them to the communist Chinese,” he said. “So, ‘A,’ we’re selling our strategic raw materials, our strategic reserves to the communist country [that’s] our adversary. And then you find out one of the companies that was brokering this deal — one of [its] top investors is, of course, Hunter Biden.”
“So… the president’s reprobate crackhead son is invested in a company that is buying our strategic reserves, while we’re paying more than $5 a gallon at the pump. We had an impeachment hearing about a phone call with Donald Trump and President Zelenskyy. If this doesn’t cause Jerry Nadler and it doesn’t cause Adam Schiff to ask some questions and for Congress to do its job and wonder how this Biden crime family is profiting while the American people are suffering, I don’t understand if there is a… offense that is more worthy of investigating for impeachment, let’s put it that way,” he continued.
(Video Credit: Fox News)
A number of Republicans tore into Biden on Thursday following reports of the oil being sent to China and other nations.
“The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security,” House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers proclaimed in a statement given to Fox News Digital.
“President Biden needs to remember that our strategic energy reserves are for emergencies, not to cover up bad policies. America needs to flip the switch and increase our capacity to produce and refine oil here at home,” she added. “Now is not the time to use our strategic stockpile.”
“The Strategic Petroleum Reserve is meant for national emergencies – not policy blunders,” Rep. Fred Upton (R-Mich.) tweeted Thursday. “The administration still has not answered congressional questions on its mismanagement of the SPR.”
“After multiple failed attempts to lower U.S. gas prices by robbing our emergency strategic petroleum reserve, will someone please inform the decision-makers at 1600 Pennsylvania Avenue that we have much larger and more strategic undeveloped energy resources that can be extracted, processed, and utilized cleaner and safer right here at home benefiting American workers and businesses?” House Natural Resources Committee Ranking Member Bruce Westerman (R-Ark.) told Fox News Digital.
— Idontknowyou (@dqbh8cdh86) July 7, 2022
“The emergency reserves of oil that are in the Strategic Petroleum Reserve are designed for international crises,” Rep. Garret Graves (R-La.), who is the ranking member of the House Select Committee on Climate, declared to Fox News Digital in an interview. “They’re designed for natural disasters, they’re not designed to mitigate bad energy policy.”
“This is a self-imposed problem and it’s not what our reserves were meant for,” he posited. “It certainly shouldn’t be going to adversaries like China.”
“President Biden has botched American energy policy so badly that this news isn’t surprising,” Rep. Ralph Norman (R-S.C.), who is the ranking member of the House Oversight Subcommittee on Environment, also told Fox News Digital. “Our strategic reserves are for national security, not to satisfy global oil markets.”
“This administration owes us an immediate explanation as to why our reserves were sent to other nations,” Norman demanded.
The oil reserve’s level has fallen to approximately 492 million barrels of oil, the lowest level since December 1985, according to the Energy Information Administration.
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