The US is exporting record volumes of oil and taking on a bigger role as a fuel supplier in response to the global energy crunch caused by Russia’s war in Ukraine, even as tensions flare over petrol prices at home.
Combined US exports of crude oil and refined petroleum products surged to 11.4mn barrels a day last week, according to data released on Wednesday by the Energy Information Administration, the most ever reported.
The shipments were almost 2mn b/d higher than the previous week and came despite oil companies facing pressure from Washington to send less fuel abroad and build domestic stocks as president Joe Biden’s administration tries to curb prices at the pump ahead of critical midterm elections.
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