The Biden administration has sold nearly 6 million barrels of oil from the U.S. strategic reserve to an entity tied with the Chinese Communist Party, records show. From September 2021 to July, the Department of Energy (DOE) has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the…
US Sold Nearly 6 Million Barrels of Oil Reserves to China, Records Show
July 25, 2022
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Chinese State-Owned Firm Won Nearly 6 Million Barrels of US Oil Reserves Through Auction Sale, Records Show
July 25, 2022
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The Biden administration has sold nearly 6 million barrels of oil from the U.S. strategic reserve to an entity tied with the Chinese Communist Party, records show. From September 2021 to July, the Department of Energy (DOE) has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the…
US Sold 6 Million Barrels of Oil Reserves to China, Records Show
July 25, 2022
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Asia & PacificbidenBusiness & MarketsChinaChina Business & EconomyChinese RegimeeconomyenergyExecutive BranchFinance & Business TiesNational Securityoil reservePolicies & ImpactsPoliticsSinopecSpecial TopicsStrategic Petroleum ReserveunipecUSUS NewsWorld
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The Biden administration has sold nearly 6 million barrels of oil from the U.S. strategic reserve to an entity tied with the Chinese Communist Party, records show. From September 2021 to July, the Department of Energy (DOE) has awarded three crude oil contracts with a combined value of roughly $464 million to Unipec America, the…
US Emergency Oil Reserves Fall to 25 Days As Biden Releases More Crude Into Market
June 28, 2022
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President Joe Biden’s efforts to lower energy prices have reduced the nation’s emergency oil reserves, new data shows. According to the Department of Energy, inventories in the Strategic Petroleum Reserve (SPR) declined 6.9 million barrels in the week ending June 24. In total, the world’s largest emergency supply of crude oil stood at 497.9 million…
Another 45 Million Barrels of Crude Oil to be Released From Strategic Petroleum Reserve: DOE
June 15, 2022
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The U.S. government is set to release another 45 million barrels of oil from the Strategic Petroleum Reserve over the coming months as part of the Biden administration’s efforts to combat nationwide shortages and sky-rocketing gas prices. The fourth notice of sale was announced by the U.S. Department of Energy (DOE) on Tuesday and is…
US Announces Sales of 40 Million Crude Oil Barrels From Strategic Petroleum Reserve
May 25, 2022
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The U.S. government has announced the sale of up to 40.1 million barrels of crude oil to be released from the Strategic Petroleum Reserve (SPR) over the coming months. The U.S. Department of Energy’s (DOE) notice of sale is part of the Biden administration’s March 31 announcement to release 1 million barrels of crude oil…
Oil Prices Drop Amid China COVID-19 Worries, Reserve Release
April 12, 2022
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Brent crude oil fell below $100 per barrel on April 11 due to concerns about COVID-19 lockdowns lowering Chinese demand, as well as fresh supplies pouring into the market from global oil reserves. Brent oil futures were trading at $98.59 per barrel as of 16:08 coordinated universal time (12:08 p.m. Eastern time) on April 11,…
IEA Releasing 60 Million Oil Barrels Into Market, Price Cools Down But Rises Slightly as Fears of Instability Persists
April 7, 2022
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The International Energy Agency (IEA) will release 60 million barrels of oil from its member nations into the global marketplace in an effort to cool down prices after the Russian invasion of Ukraine, following which, prices have risen and remain reluctant to lower. “The @IEA is moving ahead with a collective oil stock release of…
High Gas Prices Caused by Biden Policies, Say Republican Lawmakers
April 6, 2022
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Historically high gas prices are largely a result of Biden administration policies, not simply Russia’s invasion of Ukraine, Sen. James Lankford (R-Okla.), Sen. Ted Cruz (R-Texas) and other GOP senators argued at a press conference April 6. “The problem is that the oil is in Louisiana and Texas and Oklahoma and Kansas and North Dakota and…
Gas Prices Edge Down as Washington Announces Release From Oil Reserves Again, ‘Band-Aid’ Solution Claims Analyst
Gas prices in the United States edged down in the recent week as stocks increased, demand decreased, and the Biden administration announced an “unprecedented” release of oil from the country’s strategic reserves. The price of regular gas averaged $4.18 as of April 4, down 1.3 percent from a week ago when prices were averaging $4.24,…
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