News of the World

[kyonides]

US Sold Nearly 6 Million Barrels of Oil Reserves to China, Records Show

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 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.

So isn't this a solid proof of ochlocracy alias  mob rule?

The sale would tap 5.9 million barrels in total from the U.S. Strategic Petroleum Reserve (SPR) to export to the Chinese firm. The latest contract was unveiled on July 10, consisting of 950,000 barrels sold for around $113.5 million.

The two most recent sales to Unipec came out of an emergency drawdown of the U.S. oil stockpile, initiated under President Joe Biden on March 31 in what he said would offset the loss of Russian oil in global markets and tame rising fuel costs at home.
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Sales to Unipec appear to fall in the lower price range among the successful buyers, a review of DOE contracts by The Epoch Times shows. For the 2021 contract, Unipec paid about $63 for each barrel, about seven dollars lower than the trading price at the time, and more than two dollars short of the highest price from other buyers in the sale.

And the Chinese are not even paying enough money for the oil as to justify the sale.  Why would you prefer a buyer that is not your best option at all over all the others?  

Global Gasoline Cracks Collapse, Blow to Refiners’ Profits

A sudden crash in global gasoline prices in the past two weeks has dented refiners’ profits, pushing up inventories in key trading hubs around the world while looming exports from China and India also add to pressure on growing stockpiles.

Refiners will be forced to cut gasoline output to safeguard themselves against losses and switch to producing more profitable fuels, traders say, but summer demand is also being hurt by high pump prices in the United States and Europe, and by instability and easing seasonal demand in some parts of Asia.

This has led to a rise in inventories from Singapore to Amsterdam-Rotterdam-Antwerp and the United States.
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Chinese state refiners are expected to raise refinery runs in August-September and increase exports to lower high domestic stocks after receiving new quotas, industry sources said.

One of the sources estimated national crude throughput could claw back to 14 million barrels per day or higher, after staying under that level for most of the past 12 months partly because of COVID-19 lockdowns.

India’s gasoline exports could rise by 15,000-20,000 bpd, bringing August and September exports to an average of 260,000 bpd, consultancy FGE estimates, following the removal of gasoline export duty last week.

Take in consideration that India has been purchasing lots of barrels of oil to... Russia!

GOP Planning Fauci Probe After 2022 Midterms

“One way or another, if we are in the majority, we will subpoena his records and he will testify in the Senate under oath,” Sen. Rand Paul (R-Ky.), who could become the Senate Health, Education, Labor, and Pensions Committee chairman if Republicans win, told The Hill in a July 25 report.

After Fauci clarified comments last week that he won’t retire soon, Paul wrote on Twitter that Fauci will likely have to testify under oath in Congress.
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As [Fauci] mulled stepping down from his position in a Politico interview last week, Fauci noted that he will likely face investigations in 2022.

Supreme Court Blocks Biden Admin Policy Narrowing
Detainment, Deportation of Illegal Aliens

The Supreme Court, in a ruling without explanation on Thursday, allowed a federal judge in Texas to block the Biden administration’s immigration guideline that, according to the border states’ prosecutors, limits the ability of border agents to detain and deport illegal aliens.
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Put into practice, the September 2021 guideline designates that an illegal alien’s lack of legal authorization to stay in the United States “should not alone be the basis of an enforcement action against them.”
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The high court’s ruling ... gives Texas and Louisiana a temporary victory, at least until the Supreme Court hears the case in the December 2022 argument session.
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According to Trump-nominated Judge Drew Tipton from the Texas District Court for the Southern District, it is “difficult to deny” that the DHS’s September 2021 memo inflicted harm on the state of Texas.

Tipton sided with the border states in saying that “uncontroverted evidence” shows that the September 2021 memo led to an increase in the flow of illegal immigrants into Texas, with the state needing to spend more money on prosecution, detainment, healthcare, and administration.