"In late March, as the price of gasoline spiked, his administration threw open the spigot of the National Strategic Petroleum Reserve and began releasing a million barrels a day to, in the president’s telling, “provide a historic amount of supply” until domestic production could ramp back up.
...Reuters reported that crude oil from the strategic petroleum reserve was headed to India and the Netherlands – as well as China.
- According to an April press release from the U.S. Department of Energy, a contract to buy nearly 1 million barrels was awarded to Unipec America, Inc., the trading arm of the state-owned China Petrochemical Corporation, commonly known as Sinopec.
- As the conservative Washington Free Beacon recently noted, Hunter Biden, the president’s son, has previously had ties to Sinopec. A private equity firm he co-founded, Bohai Harvest RST, purchased a $1.7 billion stake in Sinopec Marketing in 2014..."
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