The Biden Administration sold more than 5 million barrels of oil from the U.S. Strategic Petroleum Reserve to Europe and Asia last month, Reuters discovered.
Communist China’s state-run Unipec bought 950,000 barrels worth $98 million. Unipec is a subsidiary of Sinopec, which received $1.5 billion in investments from Hunter Biden’s BHR Partners in 2014.
It remains unclear if Hunter has yet to divest his 10% stake in BHR.
The lowering of U.S. reserves to its lowest point since 1985 is meant to “address the pain Americans are feeling at the pump,” according to the Department of Energy.
The reserves were authorized in 1975 after the Arab oil embargo, to mitigate future energy-caused domestic recessions.
Trump had filled the reserves up at low cost to taxpayers, but the Biden team plans to restock the now-depleted reserves in the fall, when prices could be even higher.
Let’s Go Brandon.
Now For Some Memes…
Top graphic via energy.gov.