President Joe Biden is selling oil from the strategic national reserve to foreign countries, including China where his son Hunter had business dealings for years.
Five million barrels of oil have been sold from the reserve, which was supposed to be tapped to ease record-high prices in the U.S., not to enrich foreign states.
Nearly one million of those barrels went to the trading arm of Sinopec, a Chinese state-owned company that Hunter Biden’s private equity firm BHR Partners bought a $1.7 billion in seven years ago, according to the Washington Free Beacon.
The trade was announced by Biden’s energy department in April.
Back in November, Hunter Biden’s lawyer said he no longer had any stake in BHR or Sinopec. But as of March, he was still listed as a part-owner of BHR.
“Business records from China’s National Credit Information Publicity System accessed Tuesday continue to identify Skaneateles as a 10% owner in BHR, and Washington, D.C., business records continue to list Biden as the only beneficial owner of Skaneateles,” the Washington Examiner reported. “The White House has routinely deflected questions about Biden’s business dealings to his attorneys, who have remained largely mum.”
“It’s possible that China’s business registry hasn’t yet been updated to reflect a potential transfer or sale of Skaneateles’s 10% stake in BHR to another party,” the Examiner added.
Requests under the Freedom of Information Act for information about how Biden may be improperly using the oil reserve have been ignored or refused by the administration.
Exacerbating the problem
Other oil from the reserve went to India and the Netherlands.
The sales came at a time when gas prices have been at record highs, reaching more than $5.00 a gallon in June.
Biden said that releasing one million barrels a day would ease demand woes and help bring prices down, but that will not be happening if the oil is going to other countries.
Now, we are down at least 200 million barrels of oil from the reserve, with no effort to replenish it any time soon. I’m sure other countries won’t see that as a weakness.