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US exported millions of barrels of oil in June as gas station prices hit record highs

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Shipments to Europe and Asia were recorded, according to data from the Customs Service and industry sources.

The United States exported last month more than 5 million barrels of oil released from the country’s strategic reserves, while the Government strives to lower fuel prices in the internal market, according to data collected by Reuters.

Oil futures contracts in the US are currently trading above 100 dollars per barrel, while gasoline and diesel prices are approaching the national historical record registered last month, of 5,016 and 5,816 dollars per gallon, respectively.

According to data from the US Customs Service and sources from the industry quoted by Reuters, cargoes of oil were shipped last month to Italy, France, the Netherlands, India and China, while similar shipments were recorded in April and May.

On March 31, President Joe Biden authorized the release of one million barrels of crude oil per day for the next six months from the Strategic Petroleum Reserve, with the aim of reducing national gasoline prices. As of April 1, there were 568 million barrels in storage at four locations in southern Louisiana and Texas.

Last month, strategic reserves fell to their lowest level since 1986, according to data from the US Department of Energy cited by the agency. Amid record fuel prices, President Biden warned Americans that they will have to put up with this level for “as long as it takes” and blamed Russia for the increases.

World energy prices have soared due to increased demand following the coronavirus pandemic , while countries try to revive their economies. Western sanctions against Russia, one of the main exporters of oil and natural gas, have also contributed to the increase in energy prices.

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