- Over 5 million barrels of
oil from the US reserve were sent overseas in June, Reuters reported. - The
Biden administration has been tapping the reserve to try to bring down fuelprices .
More than 5 million barrels of oil from the US Strategic Petroleum Reserve were exported to Asia and Europe last month, $4.
Among the shipments were two cargo ships carrying 560,000 barrels each from Atlantic Trading & Marketing, part of France's TotalEnergies, according to Reuters. And Phillips 66, the fourth-largest oil supplier in the US, sent about 470,000 barrels from a storage facility in Texas to Trieste, Italy, where a pipeline feeds refineries in central Europe.
The
Overall, US oil exports have been surging since Russia invaded Ukraine in February as Western countries and companies turn away from Russian supplies.
While
With little extra scope for refining more volumes of fuel, additional supplies of crude, including from the Strategic Petroleum Reserve, have been going overseas. In fact, oil exports from the US Gulf Coast hit a record rate in the second quarter, $4.
The Biden administration has been releasing oil from the Strategic Petroleum Reserve to try to lower fuel prices. Releases are at a record pace of roughly 1 million barrels a day, bringing the stockpile to the lowest level since 1986 in June.
Early last month, the average gallon of gas in the US climbed to $4. Gas prices have been $4, though they remain elevated. And $4 amid fears of a recession and the rising dollar.
"Crude and fuel prices would likely be higher if [the