(FreedomWire.org) – Joe Biden has been rapidly depleting the Strategic Petroleum Reserve of oil in order to lower gas prices in the United States or so he says, but 6 million barrels of oil have been sold to Unipec, the trading division of the Chinese state-owned Sinopec. In 2015, BHR, an investment firm partially owned by Hunter Biden bought up a $1.7 billion dollar share of Sinopec, a communist Chinese-controlled company.
The DOE sold four million barrels to Unipec in the fall of 2021, almost six months before Russia’s invasion of Ukraine. That oil sold for $63 dollars a barrel or about eight dollars a barrel less than oil was selling on the open market. If only Joe would be that nice to Americans, but alas, no American oil company has put Hunter on its Board of Directors. What would be happening right now if it were Don Jr. rather than Hunter. The NYT and WaPo would be demanding that President Trump be impeached.
Ben Lieberman, a senior fellow at the Competitive Enterprise Institute said, “I think it takes a bad policy and makes it worse. 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.”
“The Strategic Petroleum Reserve never really was a substitute for that and now to hear that this oil is going to China is problematic because it undercuts their rationale even more,” said Lieberman. “Biden’s policy just shows that he’s not putting American consumers and the American economy first or second or even third.”