US Sold Nearly 6 Million Barrels of Oil Reserves to China, 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 U.S. trading arm of Chinese state-owned oil company Sinopec. A Chinese firm with ties to Hunter Biden had made an investment in the national oil giant. Republicans tried to amend legislation that would stop the sale of oil to China. Democrats overruled it, and the DOE plans to buy the oil back cheaper after Fiscal year 2023 when oil prices are expected to be lower.

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