Do the voters know that SPR oil is going to Europe?

[dan_s]

I thought Biden was draining our SPR so that America's gasoline prices would go down.

Energy in Depth: American Crude Oil Comes to Europe’s Rescue
Connor Roese // Researcher, Pittsburgh, PA
May 3, 2022

The United States is surging exports of crude oil to Europe as the continent looks to curb Russian imports in the wake of the continued assault on Ukraine. While much of the focus on Europe’s energy crisis has focused on natural gas – another sector where U.S. exports have played a vital role as Energy In Depth has previously noted – increased U.S. crude oil exports have also skyrocketed to help replace supply in Europe in 2022 as countries there look to secure reliable non-Russian sources. In 2021, Europe was importing 29 percent of all of Russia’s oil exports with Germany and Slovakia among the top buyers. But that’s changing now as Reuters recently reported: “U.S. crude exports bound for Europe are close to 1.5 million barrels per day (bpd) so far in April, the highest in two years and one of the strongest months on record, said Matt Smith, lead oil analyst for the Americas at data provider Kpler. Most cargoes are carrying light sweet grades, he added, headed to European destinations including Spain, the United Kingdom, Denmark and Italy.” This increased U.S. crude oil supply is predominantly coming from West Texas, where Permian production is projected to hit a new record of 5.1 million barrels per day, as Reuters explains: “British refineries, which plan to phase out Russian oil imports by the end of the year, last month bought the largest volume of U.S. crude in two-and-a-half years, Eikon data showed. Most cargoes were U.S. light sweet oil, with at least a quarter delivering Midland crude, according to the U.S. Customs data.”