According to our own Department of Energy (DOE), from September 2021 to the present, our Administration has sold six million—yes, 6 Million! —barrels of oil to the Chinese Communist Party. What’s worse is that the oil sold to the Chinese came from the US petroleum reserves at a time when we cannot meet the demands of a national emergency. To add insult to injury, Sinopec (the company controlled by the Chinese Communist Party) paid $63 per barrel—which is $7.00 less than the trading price.
Now, it really does not matter if you wear an elephant or a donkey on your shirt sleeves, but does it make sense to send our petroleum reserves to foreign adversaries?
Our “Strategic Petroleum Reserve” (SPR) is the supply of emergency crude oil held in Louisiana and Texas. It is intended to alleviate US fuel shortages in times of disasters or geopolitical events. Since our Administration is blaming Russia’s Ukraine war for the price hikes at the pump, we have been drawing down the amount of oil in our SPR to the tune of one million barrels per day. Needless to say, we’ve seen a steep decline of our reserves during the last year.
In defense of the present Administration, the US has regularly sold crude oil from our reserves to foreign countries. In fact, the previous Administration sold one-half million barrels to the Chinese six years ago. However, when those sales were made, the nation was not undergoing an oil shortage and the world was at relative peace.
Three salient questions:
Should we be tapping into our emergency oil reserves when we are experiencing a national emergency?
Should we be helping our adversaries to build up their own strategic reserves?
Should we be selling our already-depleted resources at prices lower than the average trading prices?
Perhaps one additional point should be made. Sinopec, the Chinese firm that purchased
the crude oil, has business connections to the president’s son.
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