The Biden administration has sold millions of barrels of oil from the US Strategic Petroleum Reserve to a Chinese state-owned firm. The US Energy Department claims that the action will help American consumers and offset “Putin’s price hike.”
In April, the Energy Department authorized the sale of 950,000 barrels of the Strategic Petroleum Reserve to Unipec, the trading division of China Petrochemical Corporation. The Chinese government owns the entire organization, which is typically referred to as Sinopec.
However, as always with the Biden administration, the real story is much, much worse than what was originally reported because this corrupt regime has sold off not just one million, but six million barrels of oil to China at a time when gas prices in the United States are “increasing and there is no end in sight.”
According to a Daily Caller News Foundation analysis of Department of Energy (DOE) statistics:
The Biden administration sold roughly six million barrels of oil from the Strategic Petroleum Reserve (SPR) to a Chinese state-run energy company since July 2021.
Biden’s energy department auctioned off 5.9 million barrels of strategic reserve oil to Unipec, the trading arm of the Chinese state-owned Sinopec, from July 2021 to June 2022 in an effort to boost the world’s oil supply and lower fuel prices in the United States, which were made worse by the conflict in the Ukraine and Biden’s environmental policies.
In the FY22 Emergency Drawdown No. 2 Successful Awards Report, the DOE sold four million barrels to Unipec in the fall of 2021, almost six months before Russia invaded Ukraine. The sale netted the DOE approximately $252 million. Over eight dollars less than the average price of oil per barrel that month, or about $63, was the average price per barrel sold.
“I think it takes a bad policy and makes it worse, “ Ben Lieberman, a senior fellow at the Competitive Enterprise Institute said, “the idea of tapping into the Strategic Petroleum Reserve rather than maxing out on American drilling was foolish from the start, it’s like taking out a loan instead of going out and earning more money.”
Well, as Americans continue to suffer under historically high gas prices, clearly it is very evident that this criminal regime genuinely cares nothing for the welfare of the American people and intentionally seeks to do us harm.
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Sources: Dailycaller, Alphanews, Freebeacon
