Reuters on Wednesday, July 6, also reported that more than five million barrels of crude oil that were supposed to be used in the United States to bring down soaring prices at the pump were sent to European nations, India and China.
The Biden administration in April declared that 950,000 SPR barrels would be sold to Unipec America, Inc., the trading arm of the China Petrochemical Corporation. According to the WFB, the company formerly known as Sinopec is fully owned by the Chinese government. (Related: Hunter Biden's former business associates pushed him to get daddy Joe involved in a China venture that would become a "truly family business.")
The Department of Energy said in a release that the sale, which is part of the larger sale of 30 million barrels, "will support American consumers and the global economy in response to Vladimir Putin's war of choice against Ukraine," as well as "address the pain Americans are feeling at the pump as a result of Putin's price hike and to help lower energy costs."
The Energy Department accepted 126 bids and selected 12 companies to receive a part of the offering, including Unipec.
Power the Future founder Daniel Turner, in an interview with the WFB, slammed the Biden administration for selling "raw materials to the Communist Chinese for them to use as they want."
"We were assured Biden was releasing this oil to America so it could be refined for gasoline to drive down prices at the pump. So right off the bat, they're just lying to the American people. What they're saying they did and what they did are not remotely related," Turner said.
Hunter Biden's private equity firm had a share in Sinopec worth $1.7 billion
In 2015, Bohai Harvest RST (BHR), a private equity firm co-founded by Hunter Biden, bought a share in Sinopec Marketing valued at $1.7 billion. In 2017, Biden had a minority stake in BHR, purchasing a 10 percent share through an LLC he fully owned named Skaneateles.
"Sinopec [now known as Unipec] went on to enter negotiations to purchase Gazprom in March, one month after the Biden administration sanctioned the Russian gas giant," the WFB reported.
Additionally, Unipec has stated that it would buy "no more Russian oil going forward" once "shipments that arrived in March and due to arrive in April" were completed. However, a Bloomberg report revealed that in May, the corporation "significantly increased the number of hired tankers to ship a key crude from eastern Russia."
Last year, a lawyer for Hunter Biden told the New York Times that the presidential son "no longer holds any interest, directly or indirectly, in either BHR or Skaneateles."
As late as March, records in China's National Credit Information Publicity System have shown that Skaneateles still holds a 10 percent share in BHR. Business records in Washington, D.C. also show Hunter as the sole owner of Skaneateles.
The disclosure about the March sale to Unipec has already ignited calls for an investigation.
"The Biden Administration sent critical resources to the Communist Chinese, including one firm which has the president's own son Hunter as an investor, at the same time Americans are struggling at the pump. A special prosecutor should be appointed and Congress needs to investigate because the American people deserve the truth and they're not getting it from the White House," Turner said.
Some Republicans ripped Biden on July 7, following reports of the oil being sent to China and other countries.
Rep. Cathy McMorris Rodgers, a ranking member of the House Energy and Commerce Committee, said in a statement: "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. 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. Now is not the time to use our strategic stockpile."
Meanwhile, Michigan Rep. Fred Upton tweeted: "The Strategic Petroleum Reserve is meant for national emergencies – not policy blunders. The administration still has not answered congressional questions on its mismanagement of the SPR."
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Watch the video below about Tucker Carlson's commentary on America's strategic oil reserves being sold to China.
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Biden family’s China ties date back decades to Joe Biden’s term as senator
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