Oil from U.S. reserves sent overseas as gasoline prices stay high

Contact Your Elected Officials
The Epoch Times Header

HOUSTON, July 5 (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 (PSX.N), 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 (TTEF.PA), 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 (RELI.NS) refinery in India, an industry source said. A third cargo headed to China, another source said.

Byย Reuters

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Rise by the Conspiracy Theory, Fall by the Conspiracy Theory

The uproar in the MAGA world over the failure to release the Jeffrey Epstein client list should be a cause for serious concern for President Trump.

Liberal Democrat Content Creators are Despicable Defamationers

What should Christian conservatives do when confronted with false information to the point of bearing false witness against someone like President Trump?

Ben Shapiro Warning Me Not to Listen to InfoWars Makes Me Want to Listen 10x Harder

This rant from Ben Shapiro reveals more about him and his low opinion of his audience to whom he peddles his slop than it does about its target, Alex Jones.

Epsteinโ€™s Aftermath: Planes, Blames, and Autocrats

There are so many real, honest great journalists reporting the news on the internet these days that some really good content gets overlooked.

Why the Trump Administration is Sitting on the Epstein Files

President Trump, AG Bondi, and FBI Dir. Patel have the advantage over us in that they see the big overall picture when it comes to the Epstein List.

7.3 Magnitude Earthquake Hits Off Alaska Coast; Tsunami Warning Issued

A 7.3-magnitude earthquake struck off the coast of southern Alaska prompting federal officials to issue a tsunami warning.

University of Southern California Faces $300 Million in Federal Funding Cuts, Staff Layoffs

USC faces potential revenue loss of hundreds of millions of dollars in federal funds and staff layoffs, amid "volatile external environment,โ€ Interim President says.

Florida AG Threatens Lawsuit Against US Masters Swimming Over Male Participation in Female Events

FL AG James Uthmeier, in a letter to CEO of U.S. Masters Swimming, called for immediate end to male athletes participating in female competitions by organization.

The Marketโ€™s Focus Returns to Tariffs

Surging tariff revenue is expected to help the Treasury Department better manage the federal government budget deficit.

EUโ€™s Trade Chief to Meet With US Officials as EU Braces for Tariff Showdown

The EUโ€™s trade leader is headed to Washington for face-to-face negotiations with the Trump admin, a spokesman for the economic bloc said.

Nvidiaโ€™s AI Chip Sales to China Tied to Rare Earths Trade Talks, Says Commerce Secretary

USsโ€™ decision to allow Nvidia to resume selling China AI chips is tied to recent trade negotiations over rare-earth exports, according to Sec Lutnick.

Trump Says USโ€“Vietnam Trade Deal Nearly Complete

President Trump said the trade deal between the United States and Vietnam was nearly complete, the same day he announced a new deal with Indonesia.

Washington Announces Investigation Into Brazilian Trade Practices, Digital Payment Services

U.S. Trade Representative Jamieson Greer announced the opening of an investigation into Brazilโ€™s โ€œunfairโ€ trading practices on July 15, 2025.
spot_img

Related Articles