Posted on 07/10/2022 2:15:43 PM PDT by bitt
With energy prices putting the squeeze on household budgets throughout the country, the Biden Administration announced plans in April to tap the U.S. Strategic Petroleum Reserve to lower gas prices.
At the time, a Department of Energy news release said this action would “address the pain Americans are feeling at the pump as a result of Putin’s Price Hike and to help lower energy costs. That includes President [Joe] Biden authorizing the release of 1 million barrels per day from the SPR for the next six months.”
As the amount of oil in the SPR has fallen to its lowest level since 1986, a Department of Energy spokesperson told Reuters, “The SPR remains a critical energy security tool to address global crude oil supply disruptions.”
Lest you think the administration had only American consumers in mind, Reuters reported on Wednesday that over 5 million barrels of oil were exported to Europe and Asia in June.
The story gets worse.
On Thursday, the Washington Free Beacon reported that 950,000 barrels were sold to a CCP-owned gas company called Unipec, the trading arm of the China Petrochemical Corporation. This company is also known as Sinopec.
There are several issues with this deal. First, in April, “six people” told Reuters that Sinopec agreed not to initiate any new contracts to purchase Russian oil, as per western sanctions. The report said Sinopec would be honoring existing contracts, “but avoiding new ones despite steep discounts.”
Predictably, it appears that the company has continued to buy oil from Russia.
(Excerpt) Read more at westernjournal.com ...
Just wait to see where we get the replacement oil from... Gazprom and Putin, woth Hunter getting a sizable kickback.
Wow how come this is nowhere in the captive media?
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