According to Reuters, "More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs."
The release of the Strategic Petroleum Reserve was supposed to "address the pain Americans are feeling at the pump" and "help lower energy costs." There are questions Americans are not asking. The biggest question is how does shipping our reserves overseas benefit Americans suffering from record-high gas prices?
One of the beneficiaries of our Strategic Oil Reserve is a company called Sinopec. Sinopec is owned by the Chinese Government. The Federalist reported, "Sinopec is also tied to Hunter Biden, whose private equity firm, BHR Partners, bought a $1.7 billion stake in the company seven years ago."
Despite claims from Biden's lawyer, that Hunter no longer has an interest in BHR or the equity firm Skaneateles, “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.”
Hunter’s company, Skaneateles LLC, holds a 10 percent stake in Chinese private equity firm Bohai Harvest RST Equity Investment Fund Management Co., according to business records reviewed by The Daily Caller.
If the plan is to drive the cost of oil down worldwide, Biden is mistaken in his assessment that the release of the Strategic Petroleum reserve would accomplish this task. He has made it nearly impossible to compete with Russian interests as far as the cost of oil and gas is concerned. His executive orders that were meant to appease the climate activists have assured that.
According to Bloomberg, "The price of Urals, Russia’s main export blend, averaged $73.24 a barrel between mid-April and mid-May, according to Russia’s Finance Ministry." Whereas two days ago, CNN was bragging about the cost per barrel of oil falling below $100 per barrel. "The price of West Texas Intermediate crude tumbled as much as 10% Tuesday, to hit a low of $97.43 before closing at $99.50, down 8% on the day."
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What do you think? Even if you believe the Biden family isn't making money off the Petroleum reserve despite the evidence provided above, Do you believe his release of our petroleum reserve will drive the price of Oil down worldwide? We want your opinion.
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