Biden admin sold a million barrels of oil to a Chinese company with ties to Hunter Biden, according to reports. The Sinopec trading branch, a fully owned subsidiary of China International United Petroleum and Chemical Co. Ltd., was given a contract by the Biden administration for roughly one million barrels of oil.
The Washington Free Beacon claimed on Thursday that the Biden administration had sold over a million barrels of oil from American emergency reserves to a Chinese-owned company with connections to President Joe Biden’s scandal-plagued son Hunter.
The news comes as reports claim that more than five million barrels of oil from the historic Strategic Petroleum Reserve (SPR) of the United States were transferred to foreign nations last month, including China, prompting criticism from Republicans as Americans continue to pay historically high gas prices.
The SPR was created in 1975 as a result of the Energy Policy and Conservation Act in order to safeguard American energy access from “future supply cutoffs.”
In an effort to “address Putin’s Price Hike at the pump and to establish true energy independence and lower costs for Americans into the future,” the Biden administration’s Department of Energy announced in April that it was utilizing the SPR.
Even as U.S. gasoline and diesel costs reached historic highs, almost five million barrels of oil from the strategic reserve were shipped to Europe and Asia last month as opposed to local refineries, as per consumer statistics, according to Reuters.
The DOE announced in the statement that it had given contracts to 12 businesses for the sale of 30 million barrels of crude oil and was “authorizing the release of 1 million barrels per day from the SPR for the next six months.”
The Washington Free Beacon noted on Thursday that Unipec was one of the 12 businesses to receive a government contract.
Unipec is the trade branch of Sinopec, China’s largest trading firm and a fully managed subsidiary of China International United Petroleum and Chemical Co. Ltd.
The DOE announced in April that over a million barrels of oil from the SPR will be sold to the Chinese business, which is linked to President Joe Biden’s scandal-ridden son Hunter, according to the Free Beacon.
According to Power the Future Founder Daniel Turner, the choice to sell the oil to Sinopec highlights the Biden family’s “relationship with China.”
According to the Free Beacon, Hunter Biden’s private equity firm, BHR Partners, bought a $1.7 billion interest in Sinopec Marketing in 2015.
Chris Clark, a lawyer for Biden, claimed in November 2021 that Hunter had lost all stake in the business. However, according to The Washington Examiner, as of March 2022, Hunter was still listed as a 10% owner of the company in both Chinese and American records.
The Washington Free Beacon noted that the Chinese-owned firm has continued to buy oil from Russia despite the declaration of oil sell-offs being presented as a strategy to reduce “Putin’s price hike,” a Biden administration catchphrase to shift blame for price increases.
According to a Bloomberg report, Sinopec “chartered at least 10 tankers” in May to transport a significant amount of Russian crude, a “fivefold increase” from the previous month.
On Thursday, a number of Republican congressmen criticized the Biden administration for selling off emergency oil supplies to foreign countries, particularly Communist-run China.
Selling out emergency oil stockpiles to “foreign adversaries like the Chinese Communist Party,” according to House Energy and Commerce Committee ranking member Cathy McMorris Rodgers, risks both “our energy security and national security.”
She argued that “the American people deserve answers.”
According to South Carolina Republican Rep. Ralph Norman, the ranking member of the House Oversight Subcommittee on Environment, “President Biden has botched American energy policy so badly that this news isn’t surprising.”
“Our strategic reserves are for national security, not to satisfy global oil markets,” he said.
Karine Jean-Pierre, the press secretary for the White House, claimed during a press conference on Friday that oil companies, not the Biden administration, were to fault for exporting the essential resource to other nations.
Jean-Pierre remarked on Friday that “we cannot control what oil companies do with their oil,” and that “you should ask the oil companies about where they are sending their oil that they purchase and why.”
Biden has been under fire for how he has handled the current gas issue, particularly his decision to cancel new oil and gas drilling leases, shelve the Keystone XL Pipeline project, and depend more and more on foreign nations like Iran, Saudi Arabia, and Nicaragua for their oil.
“Working on it Mr. President,” the US Oil and Gas Association responded via Twitter. “In the meantime — have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester … “