From July 2021 until the end of June 2022, Biden’s energy department auctioned off 5.9 million barrels of strategic reserve oil to Unipec, the trading division of the Chinese state-owned Sinopec, in an attempt to expand the supply of oil globally and decrease fuel costs in the U.S. that were exacerbated by the war in Ukraine and Biden’s climate policies. SPR oil is marketed to the highest bidder, and some of the businesses entitled to make bids are American subsidiaries of foreign corporations like Unipec.
The DOE sold four million barrels to Unipec in the fall of 2021, nearly six months before Russia’s invasion of Ukraine, making more than $252 million from the sale, according to the FY22 Emergency Drawdown No. 2 Successful Awards Report. Each barrel was sold for about $63 or over eight dollars less than the average oil price per barrel that month.
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“I think it takes a bad policy and makes it worse,” Ben Lieberman, a senior fellow at the Competitive Enterprise Institute, explained to the Daily Caller News Foundation.
“The idea of tapping into the Strategic Petroleum Reserve rather than maxing out on American drilling was foolish from the start, it’s like taking out a loan instead of going out and earning more money,” he went on.
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In July 2022 the DOE sold 950,000 barrels to Unipec for about $113 million, according to the FY22 Emergency Drawdown No. 3A Successful Awards Report. While the Biden administration argued that the sales would help the U.S. fight “Putin’s price hike,” Unipec is still purchasing large quantities of Russian oil, according to Bloomberg.
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“It’s helping out a bit, but it’s still a very bad policy,” Lieberman explained to the DCNF. “The fact that we’re using the Strategic Petroleum Reserve rather than drilling offshore or getting more oil to the United States through the Keystone XL pipeline, the fact that we’re not doing these things is really pretty shameful.”
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In April, the DOE further sold 950,000 barrels to Unipec, according to a DOE report.
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“The Strategic Petroleum Reserve never really was a substitute for that and now to hear that this oil is going to China is problematic because it undercuts their rationale even more,” announced Lieberman. “Biden’s policy just shows that he’s not putting American consumers and the American economy first or second or even third.”
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