The U.S. has allowed more than 5 million barrels of oil from the Strategic Petroleum Reserve to be exported to Europe and Asia, a move that contradicts President Biden’s statements about trying to bring down the cost of soaring prices at the pump.
The exports are part of a broader and historic release of 1 million barrels per day through October from the reserves, one of several efforts by Mr. Biden to blunt high fuel costs that have had minimal impacts.
Phillips 66, one of the country’s largest oil refiners, has shipped roughly 470,000 barrels from a reserve storage site in Texas to Italy, according to Reuters.