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U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace

  • Three cargoes loaded onto a supertanker headed for Asia
  • Democrats pressure Biden to consider SPR release, export ban
Bloomberg business news
Oil Rises as U.S. Pulls Back From Selling Down Reserves

If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month. 

About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve -- a monthly record -- was shipped out in October, according to data from market intelligence firm Kpler. Three cargoes were loaded onto a supertanker in the U.S. Gulf Coast and are headed to Asia.