Remember when President Biden chose to release 30 million barrels of oil from the U.S. strategic oil reserves, all in an apparent attempt to help the American taxpayer suffering at the gas pump? Well, we now know where some of that oil went. Glenn explains how one million barrels ended up in the hands of a company controlled by CHINA...and a company with ties to the president’s son, Hunter Biden.
Below is a rush transcript that may contain errors
GLENN: You know, here's the story. And I know I brought it up last hour. And I'll probably bring up next hour. And I'll probably bring it up every day, until we have an answer on this one.
You know, when Joe Biden said, he was going to release $30 billion of crude oil, to help America. You know, so you didn't -- you -- it was an emergency sale.
You know, our strategic oil preserve. Key word there: Strategic. Strategic.
Meaning, something we would hold on to. We would have in reserve, for strategic purposes. Like going to war. which will never happen.
So he wanted to release 30 million barrels, now, I thought that that goes to the gas stations or wherever. No. No.
No. One of the companies that bought it, there were 12 companies. And they were all vetted from the United States.
And one of them is UNIPEC America, which is fantastic. Fantastic.
UNIPEC America, in case you've never heard of it, I mean, who has? Is the Chinese petrochemical corporation.
So it's controlled by the Chinese government. So we sold a million gallons. Or, I'm sorry. A million barrels, to China. And I'm -- I'm -- I'm wondering, you know, why we did that.
Well, I mean, I'm sure, you know, there was an in there.
SINOPEC, you know, has worked with the Bidens. Hunter Biden cofounded the private equity firm BHR Partners. And BHR acquired $1.7 billion stake in SINOPEC. So that -- that's -- you know, now, Biden took -- Hunter took a minority stake in BHR. He's only got a 10 percent stake through -- through an LLC that he owns. Very complex. It's hard to follow. It's almost like it's intentionally built that way. And, you know, he said that he was going to sell that. Of course, there's no record of him doing that at all. And nobody would even ask him the question.
But I didn't realize, when Joe said, he was going to help Americans. He specifically meant with the last name Biden.
Had no idea that that's -- I thought it was like everybody, you know.
But we find out now, no.
A million gallons, went to China. And as if that's not bad enough, it was to a company that is at 10 percent. Is owned, you know, by Hunter.
That's good. By the way --
STU: It's an interesting definition of good, you have working there. I didn't feel it was good. To be fair, you did say it was a million barrels. And it was only 950,000. And that -- I think the American people would be fine with that.
GLENN: Fake news. Fake news.
Here's why I'm not concerned about it. Apparently, not everything was a disaster, when I -- when I went on vacation. The Biden administration, has announced, it has created a new position, to tackle corruption, head-on.
And not domestic corruption.
We're talking about international corruption.
Which is great. Because I think we're the ones to preach to the world, against corruption. Don't. I mean seriously.
So, anyway, they're battling internationals corruption. And Joe Biden is the guy to do it. Sidelines, I mean, when he was vice president. He was in charge with Ukraine policy. And he bragged about the arm twisting he did there. To root out corruption. Of course, it was to root out the guy who wanted to investigate his son in corruption. That's just -- he didn't know that, I'm sure. So he's looking into international corruption. And I'm thinking, while I was on vacation, I was thinking, you know, Russia, China, Iran. How will we wrangle them into submission?
And I didn't see it coming. You know, corruption czar.
And one that has some real experience. Now, Richard Nephew is the guy who was put in charge.
And it's really ironic, that a guy named nephew, is being appointed by Joe Biden, you know, in an anticorruption position. But his name is Richard Nephew. And he's heading up the international anticorruption efforts.
Now, why would you pick him? Why would you have -- well, he was working on the special envoy to Iran, during the Obama administration, and he served as the nuclear arms and sanctions expert on the team that negotiated the Iranian nuclear deal. You know, the deal that ended up, with us flying pallets of $400 million in cash, and leaving it in the middle of the airport, in the middle of the night in Tehran.
He was the guy who got that deal. So he knows a little something about corruption, I'm thinking.
And it's good. It's good. World, you've been put on notice. The anticorruption league, is coming.
And, you know, if you're not greasing some of the skids, they might -- they might have a thing or two to say to you and to the rest of the world.
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GLENN: Ten-second station ID.
GLENN: So here's some good news: This is from Reuters. Stu, how much -- how much was oil when it collapsed the economy in 2008?
STU: $140 a barrel.
GLENN: $140 a barrel. Now, that is because, we as a country, are not equipped to pay that much for a barrel of oil.
Our entire economy runs on -- it's optimum under $100 a barrel. So anything over $100, sustained, is not good.
140 is really our breaking point. Or it was in 2008. But now with inflation, you know, adjusted dollars, I'm sure that's $250 a barrel. Now, here's the good news from Reuters.
They're saying that oil could go up to $380 a barrel. Because Russia is now thinking about slashing 5 million-dollar -- 5 million barrels a day. In retaliation for the price cap, that the West has -- has put on there.
So now, you've got -- you've got Germany. And everybody else. Freaking out, a little bit. A little bit.
But not us. We're just plowing right through -- $380 a barrel. Can you imagine how much money this country could make, right now, if we just became the world's supplier of oil and natural gas?
We would -- we could solve so many problems, right now. But we won't. We won't. Because gas and oil is a really bad thing.
Really? Seemed to do a lot of really good things in the past. And now that we're struggling with it again, and there's a shortage. It seems they're doing really bad things, doesn't it?
STU: Well, you're ignoring the change. It's a massive change. Over the amount of climate deaths over the past 100 years. It's been an incredible --
GLENN: Really. Tell me. Tell me the stats on those climate deaths.
STU: Well, there has been a large change. I don't think you would deny that.
GLENN: Well, I haven't heard of the stats. So I know you're a stat guy. So what are the stats of climate?
STU: Global climate-related deaths are down 98 percent over that time. But just the 98 percent. If it wasn't for oil and gas, okay. And their emissions, it maybe would have been 99 percent, you know.
GLENN: But -- but wait. But wait a minute.
STU: So that's --
GLENN: So you do have stats. And it -- the climate deaths are down by almost 100 percent?
STU: Almost. Not all -- there are still climate deaths though. It has not been 100 percent.
STU: And a lot of people might say, well, wait a minute. Isn't that entire improvement having to do with fossil fuels, and how society has improved over the past 100 years? And, sure, you could make that point. But they haven't completely eliminated climate-related deaths. Why not? You know.
GLENN: I -- you know why?
STU: Thank you. Inequality. You know, there's a big climate related report due out soon. We were talking about this, this week. What's the point of the climate situation?
What's the point of it, right? The point of it is, do people die from climate?
That's the real bottom line number. And if I were to give you two publications, which one has shown, the statistics backing up the 98 percent drop in climate-related deaths. Isn't, number one, the UNIPCC report about the climate.
Have they ever reported that? Or the number two option: Glenn Beck's an inconvenient book. Which one?
GLENN: I would say -- I would say, it's Glenn Beck's Inconvenient Book.
STU: You are correct. For some reason, the guy who doesn't care about climate at all, is the one reporting the near 100 percent drop in climate-related deaths, while the UN IPCC doesn't include that graph in any of their reports.
GLENN: And it's interesting that they are talking about climate-related deaths. But they're going to start talking about that. You're going to hear a lot of that, beginning this fall, when we have starvation, beginning to set in, all over the world.
We are still living off of last year's harvest. This year's harvest is just starting to be canned. And sent out.
So everything that you have, on your shelf, or on your supermarket.
Most of it is last year's wheat. Last year's fruit or vegetables. Now we're going to start to see the problem. And it's going to start rearing its ugly head all around the world, very soon. And when it does. They're going to say, this is because of climate problems.
STU: I think you're right. They are.
GLENN: They absolutely are going to. Now the farmers are going to understand, that they need to grow food, without all these petrochemicals. And, you know, it only makes it more urgent, that we double down on this, right now. It's a war.
STU: And as you pointed out, at the beginning of the program. Sri Lanka went that route, and did wonderfully well with it. In fact, they were able to move a bunch -- thousands of citizens into their presidential palace, as a result of that move.
Which is great for equality.
GLENN: Right. So if you want the less New York Times version of that, the government was overthrown over the weekend.
But climate change, climate change. Climate change. Climate change.