The Biden administration has sold nearly 6 million barrels of oil from the U.S. Strategic Petroleum Reserve to an entity tied to the Chinese Communist Party, records show.
From September 2021 to July, the Department of Energy has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the U.S. trading arm of Chinese state-owned oil company Sinopec, according to a review by The Epoch Times of the DOE documents.
The amount of oil in the SPR has seen a steep decline over the past year, more notably since Biden, blaming Russia's Ukraine war for the "Price hike at the pump," in March ordered a withdrawal at a rate of 1 million barrels per day for six months to curb gas prices.
The planned sale of about 180 million barrels marked the biggest drawdown in the reserve's more-than-four-decade history and is set to cut the U.S. backup oil supply by about a third.
"The Biden White House obviously didn't see a problem with loading millions of barrels from our strategic reserves onto tankers bound for foreign countries, which likely explains why they don't see a problem selling our emergency crude oil to a Chinese gas company with ties to Hunter Biden's investment firm," he told The Epoch Times.
The DOE is "Required by law to sell it 'in a competitive auction to the highest bidder,' regardless of whether that bidder is a foreign company," he told Fox News, noting that the Trump administration, in 2017, also sold a half-million barrels of crude oil from the reserve to China's state-run PetroChina International through the same "Competitive bidding process."
"The White House has pushed back as saying we have sold in the past to the communist Chinese. And that is true. We sold when our SPR was nearly full and oil was not at record highest and the world was at relative peace," he told The Epoch Times.
Tuesday, July 26, 2022
US Sold Nearly 6 Million Barrels of Oil From Reserves to China, Records Show
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