The Biden administration is killing the strategic oil reserves, which are now at a 37 year low, because instead of ensuring the United States has what it needs to operate, Biden is instead selling it all to China.
The U.S Strategic Petroleum Reserve (SPR) has dwindled to a measly 453.1 million barrels – the lowest level since Jan. 1985, according to a report from the Department of Energy.
Over 150 barrels were released by the Biden administration in March in an attempt to bring down gas prices at the pump but since then, he has been offloading American oil to China and by July almost 125 million barrels of oil had already been sold.
In total, around 200 million barrels of oil have been released and the prices have not come down as much as Biden promised they would – but of course, everyone already knew that wasn’t going to happen.
During the Trump administration, gas prices averaged $2.28 per gallon and since the Biden takeover, the cost shot up to a historic average of $5.016 per gallon, with a small ease back after the oil release, but average prices are still almost 100 percent more than they were under Trump.
According to the Department of Treasury, if Biden had not released the oil reserves, prices would be at least 40 cents higher per gallon.
China is not the only one buying up American oil – India and South Korea are part of the purchasers of over 20 million barrels, but Chinese companies are taking the lion’s share, with Beijing company, Sinopec, buying up 5.9 million barrels alone.
Sinopec is a state-owned oil company – meaning it is owned by the Chinese Communist Party (CCP) and of an interesting note, received billions of dollars of investment money from an equity fund – partly owned by Hunter Biden.
The trade for oil happened between the Department of Energy and Unipec America – Sinopec’s American trading arm and the company recently purchased 950,000 barrels of oil – significantly (almost $10 per barrel) cheaper than the market price.
So, not only is Biden putting America on the back foot, by selling millions of reserve oil, he is also selling it to China at a cheaper price – something that was celebrated in China when their own gas prices began to fall because of it.
Republican Rep. Clay Higgins of Louisiana said, “Biden is draining our Strategic Reserves at an unprecedented rate. This is an abuse of the [SPR], far beyond its intended purpose,” adding, “Sending U.S. petroleum reserves to foreign adversaries is wrong, and it undermines our national security.”
“It does not make sense that we are using our already depleted energy supplies to help China build up their own strategic reserves,” said Republican Rep. David Valadao, from California.
Rep. Valadao had made a proposal to prevent the Biden administration from exporting oil supplies to companies or other entities who have ties to the Chinese government – something that was voted for by 209 Republicans but was nixed when the Democrats overruled it with a 219 win.