Secretary of Energy Jennifer Granholm denied to Sen. Eric Schmitt, R-Mo., that U.S. policy on its Strategic Petroleum Reserve was connected in coordination with China.
Sen. Eric Schmitt, R-Mo., had a tense exchange Wednesday with President Biden’s energy secretary, Jennifer Granholm, whom he accused of coordinating the release of U.S. emergency oil reserves with China.
During a hearing before the U.S. Senate Armed Services Committee, Schmitt noted that the U.S. has failed to replenish its Strategic Petroleum Reserve (SPR) since it encouraged other countries to release their stockpiles in response to Russia’s war against Ukraine in 2022.
“Two things have happened since then. We’ve not replenished our strategic reserves. And China has an enormous stockpile now,” Schmitt said, adding that U.S. reserves were at “historically low levels.”
Energy Secretary Jennifer Granholm and Sen. Eric Schmitt, R-Mo. (Getty Images / Getty Images)
Granholm denied that U.S. policy on its SPR was ever connected in coordination with China, saying the U.S. had encouraged multiple countries — not just China — to release their strategic reserves. She could not confirm whether China followed through on its promise to release its reserves.
Granholm conceded that China had purchased a tiny amount, perhaps 3%, from the U.S. SPR release, before Congress passed a bill banning SPR exports to China.
Schmitt cited figures that 900,000 barrels of oil had been sold to an American subsidiary of Sinopec, a Chinese-owned company, “which in turn had received billions of dollars from BHR Partners,” a private equity firm co-founded by the president’s son, Hunter Biden, who held a 10% stake in the company.
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Granholm admitted she was not aware that Hunter Biden benefited from the sale of America’s strategic oil reserves to a Chinese-affiliated company. She also said the Biden administration was waiting to purchase barrels if they are at a price that is fair to the American taxpayer.
“As the Secretary of Energy … do you regret depleting our Strategic Petroleum Reserves to historically levels?” Schmitt asked.
“No, I don’t regret doing what is right to be able to help replenish the global supply,” she said.
In a statement to Fox News Digital, Schmitt accused the Biden administration and Democrats of putting “the security of the United States at risk in order to use it as a campaign talking point.”
He said the “ill-fated move” to deplete the U.S. strategic reserves “did nothing to ease the pain Americans are feeling at the gas pump.”
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“Biden and Granholm are selling our oil to any and all buyers, and American taxpayers are the ones footing the bill,” Schmitt said.
FOX Business has reached out to the Energy Department for additional comment.
