• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 hours How Far Have We Really Gotten With Alternative Energy
  • 5 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
  • 6 days Bad news for e-cars keeps coming
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 7 days RUSSIA - Turkey & India Stop Buying Russian Oil as USA Increases Crackdown on Sanctions
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

U.S. Exports Oil From SPR Release: Report

  • U.S. Fed. Govt. may be exporting crude oil from its SPR to lower prices at home.
  • Tanker tracking data showed that at least one tanker filled with SPR crude is en-route to Europe.
  • WTI recouped losses since U.S. President Biden announced the SPR release on March 31st.

The United States may be exporting crude oil released from the strategic petroleum reserve in a bid by the federal government to lower prices at the pump.

This is according to a report by ZeroHedge, citing information from Bloomberg that the author of this article could not locate on Bloomberg’s website.

According to the information, tanker tracking data showed that at least one tanker, the Advantage Spring Suezmax, received light, sweet U.S. crude from the SPR at the start of April and is currently en route to Rotterdam, the Netherlands.

If the information is confirmed, it would not be the first instance of the U.S. exporting oil supposedly released to alleviate tight supply on the local market. A Bloomberg report from November last year noted that in the previous month, exports of SPR crude released to tame prices had hit a record high of some 1.6 million barrels.

“Given the ongoing pace of the current SPR release -- 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels -- it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst from Kpler.

If the new information is confirmed, the Biden administration’s decision to release a record 180 million barrels from the strategic reserve over six months might well blow up in its face.

The White House announced the release plan at the beginning of the month, and oil prices reacted accordingly, with WTI slipping below $100. However, the drop was only temporary, and by this week, WTI had recouped its losses.

Meanwhile, the national average price per gallon of regular gasoline remains above $4. The national average is slightly lower than the $4.274 price per gallon of regular a month ago but significantly higher than the $2.87 per gallon that drivers paid on average a year ago.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on April 19 2022 said:
    Even if the United States and the IEA exported the combined SPR release of 180 million barrels of crude and the IEA’s release of another 60 million barrels amounting to an average of 1.33 million barrels a day (mbd) to the EU over a 180-day period, they will only replace 33% of Russian crude and petroleum products exports to the EU.

    Moreover, their impact on global prices will be short-lived and negligible. The reason is that the global oil market has already factored them in the minute they were announced. Another reason is that the market knows that they will have to be eventually replaced.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News