Data shows that more than 5 million barrels of oil that were part of historic U.S. emergency reserves were released to lower domestic fuel prices were exported to Europe and Asia last month despite U.S. gasoline and diesel prices hitting record highs.
On Saturday afternoon, Biden rekindled a plea for gasoline suppliers to cut their prices, pulling criticism from Amazon founder Jeff Bezos.
Data shows that more than 5 million barrels of oil that were part of historic U.S. emergency reserves were released to lower domestic fuel prices were exported to Europe and Asia last month despite U.S. gasoline and diesel prices hitting record highs.
U.S. crude futures are above $100 per barrel, and gasoline and diesel costs are higher than $5 a gallon in one-fifth of the nation. The Strategic Petroleum Reserve (SPR) has reported that 1 million barrels of oil will be released daily until October.
A U.S. Department of Energy spokesperson recently said, “The SPR remains a critical energy security tool to address global crude oil supply disruptions.”
U.S. crude inventories are at the lowest point since 2004, and refineries are being operated at near peak levels. Refineries in the U.S. Gulf coast are at 97.9 percent utilization, the most in three and a half years.
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