The Byden administration’s move to sell nearly one million barrels of oil reserves to China is “unconventional,” at the expense of national interests, benefiting US adversaries, Republican lawmakers said.
April Energy Ministry sold out Strategic petroleum stockpiling of 950,000 barrels to Unipec America, the US division of Unipec, China’s largest trading company, wholly owned by China Petrochemical Corporation, also known as Synopec.
Sinopec is a Beijing-based state-owned Chinese oil and gas company associated with Hunter Biden, the second son of President Joe Biden.
Little was noticed at the time, but the sale has been a big backlash from Republican lawmakers. While the US Strategic Petroleum Reserve (SPR), the world’s largest emergency supply of crude oil, has reached historically low levels, Americans across the country are feeling a pinch of soaring gas and diesel prices. Such moves are at risk, contrary to US interests and bringing national security, officials said.
“The Biden administration must not send the necessary reserves for our country to China. It is stupid and contrary to all common wisdom,” a bill banning oil exports to China in June. Senator Marco Rubio (R-Fla.), Who submitted the report, told the era.
Troy Nehls (Republican) and Mike Loychik (Republican Ohio) described the Biden administration’s sale of oil to China as “impeccable.”
“While paying $ 5 a gallon for a pump and struggling to pay for electricity, Biden sold a million barrels of oil he had reserved to China so his family could make money. Is impeccable, “Nels said. twitter..
Hunter biden tie
Unipec’s contract is worth $ 98.135 million, according to a report by the Ministry of Energy on April 21. Unipec was one of the 12 companies that won the Ministry of Energy’s second emergency sale contract, for a total of 30 million barrels.
The ministry described this action as a step towards “coping with the pain Americans are feeling with pumps” and “lowering the costs of future Americans.”
Shinopek connects with hunters through BHR Partners, a private equity firm that hunters helped establish. The company invested 10 billion yuan (about 1.5 billion dollars) in 2014 with Sinopec.
Hunter was an unpaid board member of BHR until April 2020, and although it’s unclear if he sold it, he recently held a 10% stake in the company in May.
“He’s working to unleash his investment,” White House spokesman Jen Psaki told reporters when asked about his stock in February.
In addition to Unipec, contract winners include major US oil companies such as ExxonMobil and Chevron and three Swiss-based companies. 9 companies I made a successful bid Sales of 40 million barrels of crude oil in the third round in late May.
“This country has completely failed”
More than 5 million barrels of oil were exported from emergency stockpiles to Europe and Asia in June and shipped to China at least once, according to Reuters. report..
The national average gasoline price on Friday has fallen to $ 4.721 per gallon, down 5.8% from its peak of $ 5.016 in mid-June. AAA.. However, prices are still more than 50% higher than at the same time a year ago.
“The Biden administration’s energy policy has completely failed the country,” Andy Biggs, a Republican, told The Epoch Times. “From the administration’s reluctance to unleash American energy to shipping our limited reserves to enemies associated with Hunter Biden, their decision ended American energy independence. did.”
“Gas prices are at historic highs, inflation continues to rise to unprecedented levels, and the administration continues to divert their failures and blame everyone but themselves,” Biggs said. Told. “The Biden administration has no solution because they are unaware that it is a problem.”
In the midst of soaring oil prices, Biden accused oil companies of making a profit and told gas stations[b]Lower the price you are charging with the pump. “
On July 8, when the Biden administration was asked if it was aware that some of the oil from the SPR could flow abroad, White House spokesman Karine Jean-Pierre said the Ministry of Energy said. “I can’t tell what the oil company will do,” he said. The oil they buy, or where they ship it for sale. “
“When it comes to oil, it’s up to the oil companies to control what they do with their oil,” she said. Said.. “We need to ask the oil companies where they are sending their purchased oil and why. That’s not something we can answer from here.”
Decreasing oil reserves
US SPR As of July 1, 492 million barrelsMarked a 5.8 million barrel decline From a week ago.. This is the lowest level since April 1986. The US daily consumption is 19.78 barrels, based on the 2021 estimate by the Energy Information Agency (EIA), and current oil reserves may last less than 25 days.
Crude oil inventories have been declining continuously since the government began releasing 1 million barrels per day in April, a six-month initiative aimed at lowering energy prices.
Depleted oil reserves, usually reserved for emergencies such as natural disasters and wars, are alarming in Washington.
Earlier last month, Republican leader Cathy McMorris Rogers (R-Wash) of the House Energy and Commerce Committee wrote a letter with Republican leader Fred Upton (R.-Mich.). wrote. The Energy Subcommittee addressed Energy Secretary Jennifer Granholm last month, while ongoing drawdowns are depleting U.S. fuel stocks, while opponents such as China gain geopolitical influence. He said he was able to do it.
“Americans deserve to answer why our emergency energy reserves are being sent to foreign enemies like the Chinese Communist Party, jeopardizing our energy and national security,” she said. I told the Epoch Times.
The Ministry of Energy has not yet provided an answer, lawmakers said.
“What do they need to hide? President Biden needs to remember that our strategic energy reserves are for emergencies, not for hiding bad policies. “She said. “The United States needs to switch on and increase its ability to produce and refine oil here.
“It’s not time to use our strategic stockpile.”
The Epoch Times contacted the Ministry of Energy regarding shipping in China and details of the Unipec contract, but did not receive a response by the press time. The White House did not respond to requests for comment from the Epoch Times.