by Steve Byas | Reprinted with permission from TheNewAmerican.com
Included in the American oil being shipped out of the country during a time of extremely high gasoline prices is nearly one million barrels of oil from the Strategic Petroleum Reserve to a Chinese firm — owned by that country’s communist government — in which Hunter Biden’s equity company held a $1.7 billion stake. The 950,000 barrels sold to Unipec, the trading arm of Sinopec, make up part of the five million barrels of oil exported after President Joe Biden released oil from the Strategic Petroleum Reserve.
The Strategic Petroleum Reserve (SPR) was created during the administration of Richard Nixon for use in times of national emergency. At the time, the United States was heavily dependent upon foreign oil, and it was argued that the SPR could help if those foreign sources were cut off in time of war or other national emergency. Congress authorized the Strategic Petroleum Reserve in the Energy Policy and Conservation Act to help prevent a repetition of the economic dislocation caused by the 1973-1974 Arab oil embargo. Biden, however, has decided to release some of the oil just to bring down the price of gasoline at the pump, as those high prices are hurting him politically. (Of course, this release has little impact on pump prices, but Biden is no doubt hoping that consumers will think he is doing something to help them.)
He has even taken to denouncing local retailers for not lowering their gasoline prices at the pump.
China is not the only destination for U.S. oil, as the Biden administration is releasing about a million barrels of oil per day from the SPR, which now has the least oil in reserve since 1986. The Department of Energy released a statement defending the releases, saying, “The SPR remains a critical energy security tool to address global crude oil supply disruptions.” Read Full Article >