The Biden administration's move to sell nearly 1 million barrels of oil reserves to China "defies all common sense" and is benefiting U.S. adversaries at the cost of national interests, said Republican lawmakers.
The Department of Energy in April sold 950,000 barrels of Strategic Petroleum Reserve to Unipec America, a subsidiary of China’s largest trading company, which is wholly owned by China Petrochemical Corporation, also known as Sinopec
While Americans nationwide feel the pinch of soaring gas and diesel prices, the Biden administration is putting national security at risk by selling oil to China
Hunter Biden Ties
Unipec is connected to Hunter through BHR Partners, a private equity firm that Hunter helped to set up.
Hunter was an unpaid board member of BHR until April 2020 and held a 10 percent stake in the company as recently as last May, although it's unclear if he has divested.
'Utterly Failed This Country'
The national average gas price is down to $4.721 per gallon for Friday, falling 5.8 percent from the $5.016 peak in mid-June, but the price point is still more than 50 percent higher from the same time a year ago.
Amid oil price hikes, Biden has accused oil companies of profiteering and demanded gas stations to "ring down the price you are charging at the pump."
Dwindling Oil Reserves
The U.S. Strategic Petroleum Reserve (SPR) as of July 1, 2021 was at 492 million barrels, a drop of 5.8 million barrels from one week prior
This amounts to the lowest level since April 1986
Normally reserved for emergencies such as natural disasters and wars, the depleting oil reserve is raising alarms in Washington
Rep. Cathy McMorris Rodgers (R-Wash.), the leading Republican lawmaker on the House Committee on Energy and Commerce, wrote a letter along with Rep. Fred Upton (R.-Mich.), the top Republican on the Subcommittee on Energy, to Secretary of Energy Jennifer Granholm, saying that the ongoing drawdown is draining fuel reserves while allowing adversaries such as China to gain geopolitical leverage
America needs to increase capacity to produce and refine oil here at home
https://www.theepochtimes.com/bidens-selling-of-oil-from-reserve-to-hunter-biden-tied-chinese-firm-impeachable-republicans_4586682.html?utm_source=newsnoe&utm_campaign=breaking-2022-07-09-3&utm_medium=email&est=8Lr3Snhvt1HBpQdwRloxWkenFarlRkgObNQOmrT1DYIGLMA97urkRJgKFDzGvHw%3D
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