More than 5 million barrels of oil that were part of a historic U.S. emergency reserves released 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,
The Biden administration claimed it is initiating plans to replenish the Strategic Petroleum Reserve, the U.S. emergency oil supply that the country is currently tapping into at historic rates to boost the oil supply on the market and mitigate prices at the pump.