President Joe Biden and his administration are taking increased flak over a recently reported energy transaction while Americans continue to struggle at the gas pump.
According to a brow-raising report by The Washington Free Beacon, the Biden administration reportedly sold 950,000 barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) “to a Chinese state-owned gas company that has financial ties to a private equity firm cofounded by Hunter Biden.”
The oil, specifically, was sold to a trading arm of Sinopec called UNIPEC. Sinopec is owned and operated by the Chinese Communist Party.
“UNIPEC America, Inc. is a wholly owned subsidiary of China International United Petroleum and Chemical Co. Ltd., better known as UNIPEC. UNIPEC is the trading arm of SINOPEC, currently No.2 largest company on the Global Fortune 500 list in 2019,” UNIPEC’s LinkedIn page reads.
The White House was grilled this week on details of the transaction, with White House Press Secretary Karine Jean-Pierre deflecting blame onto the oil companies involved.
Biden @PressSec just claimed “we cannot control what the oil companies do” with the oil they bought from the U.S. government’s Strategic Petroleum Reserve, but that’s absurd: the U.S. Dept. of Energy *deliberately* awarded a contract to China’s Unipec oil company in April. pic.twitter.com/5t8V59IwOx
— Michael Shellenberger (@ShellenbergerMD) July 8, 2022
Making matters potentially more difficult for the Biden administration is the Free Beacon’s report that Hunter Biden, in 2015, purchased a nearly $2 billion stake in Sinopec through a private equity firm he cofounded.
The sale of the oil, especially given that it came from the SPR, which is supposed to be used for America’s emergencies, along with the idea that Hunter Biden could be involved, somehow, sparked extreme backlash from the opposite side of the aisle. A number of high-profile Republican senators and lawmakers voiced their concerns.
Pres Biden reportedly sold oil fr American reserves to China’s Sinopec which Hunter Biden may still b tied to via his financial ventures in China. If report correct that’s OUTRAGEOUS Sen Johnson& I highlighted these connections to communist regime in our 2020 report+ bank records
— ChuckGrassley (@ChuckGrassley) July 8, 2022
House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers told Fox News Digital: “The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security.”
She added: “President Biden needs to remember that our strategic energy reserves are for emergencies, not to cover-up bad policies. America needs to flip the switch and increase our capacity to produce and refine oil here at home.”
The SPR’s reserve oil levels have fallen to some 492 million barrels of oil which, according to the Energy Information Administration, is the lowest level since 1985.