House Oversight and Reform Ranking Member James Comer (R.KY), stated in an exclusive statement, that Republicans would investigate reports that President Joe Biden sold nearly one million barrels U.S. Strategic Petroleum Reserves to a Chinese state owned natural gas company with financial connections to a Hunter Biden private equity firm.
Collin Anderson of Washington Free Beacon, Collin Anderson released shocking information that Biden’s Department of Energy sold 1,000,000 barrels of oil (the trading arm of Sinopec) The Chinese Communist Party owns and operates Sinopec.
According the report Hunter Biden is Biden’s younger brother and has financial ties to the CPP-owned Sinopec. Hunter Biden founded Hunter Co, a private equity firm that reportedly purchased a $2B stake in Sinopec Marketing in 2015.
Biden is connected to Sinopec via BHR Partners, a private equity firm he cofounded in 2013. BHR bought a $1.7B stake of Sinopec Marketing. Biden once owned a 10% stake through his wholly-owned company, Skaneateles, LLC.
Comer is the House Oversight Committee’s ranking member. He said that he and his successor as Oversight Committee chairman will likely investigate reports that President Biden sold oil to Hunter Biden.
These reports still need to be fully understood.
Karine Jean-Pierre, White House Press Secretary, answered reporters that the Department of Energy couldn’t dictate how oil companies ship their crude oil to other countries. ”
It’s not clear if the younger Biden still owns a financial stake in BHR Partners. “Breitbart News’ Jordan Dixon–Hamilton stated that while the White House claimed Hunter Biden had left BHR Partners in 2019, and 2020, Chinese corporate records show that he still has a stake.”
Biden’s administration refused to answer questions regarding Hunter Biden’s stake in BHR. They directed journalists towards Hunter Biden’s representatives.
The House’s top investigatory panel, the Oversight Committee, could launch an investigation using subpoena power into the sale by the Biden administration of the Strategic Petroleum Reserve.
House Oversight Republicans also has not been able get the Biden administration on many questions about the Energy Department’s plans or lack thereof for replenishing the Strategic Petroleum Reserve. This reserve is meant for times of national emergencies, like the 1970s Arab oil embargo. It’s not intended to be used to make desperate, unsuccessful attempts to lower gas prices.
House Oversight Republicans and Comer also requested that Energy Department Secretary Jennifer Granholm give evidence before the committee.
Comer, House Oversight Republicans made requests for cooperation from Department of Energy. However, they have yet to receive it.