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Joe Biden is reported to be exporting 5 million barrels of oil, despite US gas prices.

The Biden administration has exported over 5 million barrels of oil from emergency stockpiles released to fight very high gas prices at home., according to the report.

The United States sent oil from the Strategic Petroleum Reserves (SPR), which the Byden administration used in hopes of curbing soaring energy prices, to Asia and Europe,Reuters reports. is doing.

The release of about 1 million barrels per day from SPR to October had minimal impact on lower oil prices. At the same time, it has run out of reserves to the lowest level since 1986.

Brent crude futures were slightly higher on Wednesday, rising more than 1.3% to about $ 104 per barrel, while US West Texas intermediates rose 0.65%. Eat $ 100 per barrel.

Fear of recession has pushed oil prices down in recent weeks, but Americans still felt the pain of pumps.

The Biden administration is releasing about 1 million barrels of oil from the Strategic Petroleum Reserve in an effort to offset rising oil prices.
Anadolu Agency by Getty Images

NationalAverage price of one gallon The lead-freecost American drivers $ 4.78. That's 52% higher than the $ 3.13 the driver paid a year ago.

California drivers pay an average of $ 6.22 per gallon on their pumps. This is the highest amount in the United States.

In some states, gas prices have fallen by as much as 15 cents in the last three weekswhile AAA is bailed out as Americans are preparing for a peak. It warns that it is short-lived. The July driving season can put additional strain on limited supplies.

The Biden administration defended the decision to release oil from its reserves, saying it prevented gas prices from rising further.

"SPR remains an important energy security tool to deal with the global oil supply turmoil," a spokesperson for the Department of Energy told Reuters that emergency releases ensure a stable supply of oil. He added that it helped to do it.

Americans are paying record prices for gasoline that have been pushed up by supply chain disruptions, soaring demand, and the ongoing Russian invasion of Ukraine.
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Phillips 66 is fourth, according to US customs data A large domestic oil refiner has shipped approximately 470,000 barrels of sour crude oil from the Big Hill SPR storage facility in Texas to Trieste, Italy.

Trieste is where oil is loaded into pipelines to destinations in Central Europe. The European Union aims to replace the energy sources lost as a result of Russia's invasion of Ukraine.

Atlantic Trading&Data show that marketing, a division of French oil major TotalEnergies, has exported two cargoes of 560,000 barrels each.

SPR crude oil cargo also went to the Dutch and Indian Reliance refineries, industry sources said. According to another source, the third cargo went to China.

Shippers added that at least one shipment of crude oil from the West Hackberry SPR site in Louisiana was scheduled to be exported in July.

US crude oil inventories are the lowest since 2004 as refineries operate near peak levels. The usage rate of refineries in the US Gulf was 97.9%, which was the highest in three and a half years.