According to data and sources, more than 5 million barrels of oil were exported to Europe and Asia last month as part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices, even as U.S. gasoline and diesel prices reached record highs.
The export of crude and fuel is dampening the impact of US President Joe Biden’s moves to lower record pump prices. Biden renewed his call for gasoline suppliers to lower their prices on Saturday, drawing criticism from Amazon founder Jeff Bezos.
Through October, approximately 1 million barrels per day will be released from the Strategic Petroleum Reserve (SPR). The flow is depleting the SPR, which fell to its lowest level since 1986 last month. Crude futures in the United States are trading above $105 per barrel, and gasoline and diesel prices in one-fifth of the country are trading above $5 per gallon. Officials in the United States have stated that if the SPR had not been used, oil prices could have risen.
According to U.S. Customs data, Phillips 66, the fourth-largest U.S. oil refiner, shipped approximately 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy. Trieste is home to a pipeline that transports oil to central European refineries.