HOUSTON (Reuters) -More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs.
The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos.
About 1 million barrels per day is being released from the Strategic Petroleum Reserve (SPR) through October. The flow is draining the SPR, which last month fell to the lowest since 1986. U.S. crude futures are above $100 per barrel and gasoline and diesel prices above $5 a gallon in one-fifth of the nation. U.S. officials have said oil prices could be higher if the SPR had not been tapped.
“The SPR remains a critical energy security tool to address global crude oil supply disruptions,” a Department of Energy spokesperson said, adding that the emergency releases helped ensure stable supply of crude oil.
The fourth-largest U.S. oil refiner, Phillips 66, shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy, according to U.S. Customs data. Trieste is home to a pipeline that sends oil to refineries in central Europe.
Atlantic Trading & Marketing (ATMI), an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each, the data showed.
Phillips 66 declined to comment on trading activity. ATMI did not respond to a request for comment.
Cargoes of SPR crude were also headed to the Netherlands and to a Reliance refinery in India, an industry source said. A third cargo headed to China, another source said.
At least one cargo of crude from the West Hackberry SPR site in Louisiana was set to be exported in July, a shipping source added.
“Crude and fuel prices would likely be higher if (the SPR releases) hadn’t happened, but at the same time, it isn’t really having the effect that was assumed,” said Matt Smith, lead oil analyst at Kpler.
The latest exports follow three vessels that carried SPR crude to Europe in April helping replace Russian crude supplies.
U.S. crude inventories are the lowest since 2004 as refineries run near peak levels. Refineries in the U.S. Gulf coast were at 97.9% utilization, the most in three and a half years.
Original Article: Oil from U.S. reserves sent overseas as gasoline prices stay high
We are exporting 5 million gallons when we need all of it…what the hell is our government thinking? November can’t come fast enough
This is pure insanity!! It appears to be part of the overall plan to screw Americans! This is not ok and we, the People, have to do something about this! Like Steve said, we have to vote in November and “hope” that our votes count!! What a planet@#$%^&*
Isn’t robbing the American citizens of natural resources a plea for the Impeachment of this embarrassing pretender we have in our White House? Or are our presidents allowed to steal necessary supplies and just sell them off to our enemies?. What did the Biden’s sell to China, Russia and Ukraine for the cold hard cash they received but never paid taxes on.?
This government is crazy…exporting 5 million gallons when we need them here…November can’t come fast enough
President Trump should be our President, Who the Heck would vote for this Fool Biden. Watch out, The Dems are at it again, They know the only way they can win is to cheat and they are up to no good again this Election. The Cheaters will not win this Time.
Would you expect anything different from a gummit so bent on destroying this once-great country. You have to remember this sick gummit wants everyone and everything dependent on moldy energy!
again and again the Bidens and the demon rats seem to spit in the faces of the USA’s people. yet we have those like the bloody BS unions and the so called educate college clowns who vote this party and this baby killer child sex pervert and evil commie ghoul. the party cannot win unless the cheat and steal. that has been going on forever especially after they lost their slaves when they lost the Civil War. a war the started which killed a majority of young men in a generation on both sides. the party should be taken down and Biden impeached and along with Hunter and both put in prison. it seems we do not shoot traitors anymore. sadly. no we imprison people who love this country and support the constitution.
This President is doing everything he can to destroy our great country and the Republicans in Congress seem helpless and rudderless with no courage to fight back. This is so unbelievable and sad at the same time. We must change course come November!
How can the Republicans fight back? The party is so riddled with RINOS and leeches there isn’t enough strength in what’s left to stand up to the left, let alone fight for our freedom. Our leaders keep saying, “Wait till we win the 2022 primary. ” If past performance is evidence I don’t have much hope. However, I won’t give up. I have been a Republican for 80 years and I would still rather die standing than live on my knees.