U.S. oil flows abroad despite high gas prices

Reuters Videos
1 年前

STORY: A million barrels per day of emergency reserves are being released, aimed at lowering fuel prices

But 5 million of them ended up in Europe and Asia in June, blunting the initiative

Customs data shows 470,000 barrels shipped to Italy

Sources say reserve crude was also headed to the Netherlands, India and China

Named refiners Phillips 66 and ATMI did not comment on the report

The emergency move by the Biden administration is draining the Strategic Petroleum Reserve

Last month it fell to the lowest level since 1986

QUOTE: Matt Smith, lead oil analyst, Kpler

"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."

U.S. crude futures remain above $100 a barrel

And in a fifth of the country diesel prices are above $5 a gallon