Biden Sold 1 Million Barrels From Strategic Petroleum Reserve To Chinese Firm Hunter Invested In
In today’s edition of ‘everything they accused the Trumps of being,’ the Washington Free Beacon reports that the Biden administration sold roughly 1 million barrels from the Strategic Petroleum Reserve to a Chinese state-controlled gas giant which Hunter Biden had a stake in as recently as 2015.
On Wednesday, Reuters revealed that more than five million barrels of crude oil that were expected to be put into use in the US to bring down skyrocketing prices at the pump were instead sent to European nations, India, as well as China.
In April, the Biden administration announced that 950,000 Strategic Petroleum Reserve barrels would be sold to Unipec, the trading arm of the China Petrochemical Corporation. Formerly known as Sinopec, this company is wholly owned by the Chinese government, according to the Washington Free Beacon.
The sales of these barrels, as well as others as part of the sales of 30 million barrels in total, “will support American consumers and the global economy in response to Vladimir Putin’s war of choice against Ukraine,” the Department of Energy said in a statement, as well as “address the pain Americans are feeling at the pump as a result of Putin’s Price Hike and to help lower energy costs.”
Speaking with the Washington Free Beacon, Power the Future founder Daniel Turner blasted the Biden administration for selling “raw materials to the Communist Chinese for them to use as they want.”
“We were assured Biden was releasing this oil to America so it could be refined for gasoline to drive down prices at the pump. So right off the bat, they’re just lying to the American people,” Turner told the Washington Free Beacon. “What they’re saying they did and what they did are not remotely related.”
Turner noted that the decision to sell to Unipec highlights the Biden family’s “relationship with China.”
In 2015, a private equity firm cofounded by Hunter Biden bought a stake in the Sinopec Marketing valued at $1.7 billion.
According to the Washington Free Beacon, “Sinopec went on to enter negotiations to purchase Gazprom in March, one month after the Biden administration sanctioned the Russian gas giant.”
In addition, Unipec has stated it would purchase “no more Russian oil going forward” once “shipments that have arrived in March and due to arrive in April” were fulfilled, but it was revealed that in May, the company “significantly increased the number of hired tankers to ship a key crude from eastern Russia,” according to Bloomberg.
Fri, 07/08/2022 – 09:20