The Biden administration has sold nearly six million barrels of oil from its Strategic Petroleum Reserve (SPR) since July 2021 to a Chinese state-owned energy company, according to a review of Department of Energy (DOE) data by the Daily. Caller News Foundation.
From July 2021 to the end of June 2022, Biden’s energy department auctioned off 5.9 million barrels of strategic reserve oil to Unipec, the trading division of Chinese state-owned Sinopec, in an effort to increase world oil supply and reduce fuel. costs in the United States that have been exacerbated by the war in Ukraine and Biden’s climate policies. SPR oil is sold to the highest bidder, and some of the companies allowed to bid are US subsidiaries of foreign companies like Unipec. (RELATED: EXCLUSIVE: Sen. Josh Hawley calls for investigation into Biden Admin’s strategic oil reserve releases in China)
The DOE sold four million barrels to Unipec in fall 2021, nearly six months before Russia invaded Ukraine, grossing more than $252 million from the sale, according to FY22 Emergency Drawdown No. 2 Successful Awards Report. Each barrel was sold on average for around $63, more than eight dollars less than the average price per barrel of oil that month.
“I think it takes bad policy and makes it worse,” Ben Lieberman, senior fellow at the Competitive Enterprise Institute, told the Daily Caller News Foundation.
“The idea of tapping into the Strategic Petroleum Reserve rather than maximizing American drilling was insane from the start, it’s like taking out a loan instead of going out and making more money,” he said. for follow-up.
In July 2022, the DOE sold 950,000 barrels to Unipec for approximately $113 million, according to the FY22 Emergency Drawdown No. 3A Successful Awards Report. While the Biden administration claimed the sales would help the United States fight “Putin’s price hike,” Unipec is still buying large amounts of Russian oil, according to Bloomberg.
“It helps a bit, but it’s still really bad policy,” Lieberman told DCNF. “The fact that we’re using the strategic petroleum reserve rather than drilling offshore or getting more oil to the United States through the Keystone XL pipeline, the fact that we’re not doing those things is really quite shameful.”
In April, the DOE also sold 950,000 barrels to Unipec, according to a DOE report.
“The strategic petroleum reserve was never really a substitute for that and now hearing that this oil is going to China is problematic because it undermines their logic even more,” Lieberman said. “Biden’s policies just show he’s not putting American consumers and the American economy first or second or even third.”
The DOE, White House and Sinopec did not respond to the DCNF’s request for comment.
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