WASHINGTON, D.C. – Nearly one million barrels of oil from the U.S. Strategic Petroleum Reserve were sold by the Biden Administration to a gas company wholly owned by the Chinese government that a private equity firm co-founded by President Joe Biden’s troubled son, Hunter, had a previous $1.7 million stake in.
The U.S. Energy Department in March announced that they were conducting an “emergency sale” of 30 million barrels of crude oil from the reserve, the proceeds of which were be used to “provide a wartime bridge that will support American consumers and the global economy in response to Vladimir Putin’s war of choice against Ukraine,” in addition to addressing “the pain Americans are feeling at the pump as a result of Putin’s Price Hike and to help lower energy costs.”
Of the 12 companies that bid upon the “price-competitive” reserve oil was Unipec America, Inc., which purchased 950,000 barrels; however, it was revealed this week that the company is in fact owned by the China Petrochemical Corporation – also known as Sinopec – that is under the complete control of the Chinese government.
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That fact alone is eye-opening, but another tidbit of information that is even more provocative is that BHR Partners, a private equity firm co-founded by Hunter Biden in 2013, owned a stake in the Sinopec valued at $1.7 million as recently as 2015. Then, in 2017, Hunter Biden purchased a 10 percent stake in BHR via Skaneateles, an LLC that he owned solely.
However, a lawyer representing Hunter Biden claimed in 2021 that his client no longer held any interest in either BHR or Skaneateles, despite China’s National Credit Information Publicity System in March 2022 showing that Skaneateles still possessed a 10 percent stake in BHR, and that Washington, D.C. business records still show Skaneateles’ owner as being Hunter Biden.
The Sinopec oil sale, and its connection to the Bidens, has raised calls for an investigation, including from Daniel Turner, the executive director of energy advocate group Power The Future.
“The Biden Administration sent critical resources to the communist Chinese, including one firm which has the president’s own son Hunter as an investor, at the same time Americans are struggling at the pump,” he said. “A special prosecutor should be appointed and Congress needs to investigate because the American people deserve the truth and they’re not getting it from the White House.”