The U.S. government is obligated to find the highest possible price for assets that it sells. Sometimes U.S. companies aren’t able to handle more oil when the sale is held, leaving foreign companies like China to buy it.
on Oct. 13, 2019, saying that Hunter Biden would be resigning from the board of BHR, the investment company with business in China, without receiving any return on his investment or shareholder distributions. This would suggest no stake for Hunter Biden in the 2022 sale to Unipec.Experts said it’s reasonable to ask why, if the U.S. is trying to lower prices at the pump back home, it would sell oil to overseas companies.
Sometimes the winning bidders may be U.S. refiners, Daigle said, in which case the oil quickly boosts U.S. gasoline supplies. But in other cases, he said, foreign companies win the bid. This increases the supply of global crude oil and, eventually, helps lower prices in the United States."Companies that wish to bid on the oil sale have to be registered with the Crude Oil Sales Offer Program through the Energy Department, and any company authorized to do business with the U.S.
found that of 30 million barrels released from the reserve in June 2022, only about 5.35 million barrels were exported.The oil market operates on a global level, especially since 2015, when the United States ended a ban on the export of U.S.-produced crude oil. This means that the main factors in lowering prices are changing global supply and global demand. Lower demand or greater supply reduces prices.
Requiring the oil to stay in the U.S. would be pointless and could be easily evaded, said Clark Williams-Derry, an energy finance analyst with the Institute for Energy Economics and Financial Analysis. An American company could buy oil at auction while selling the equivalent amount from its own reserves to a foreign country, he said.
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