U.S. oil flows abroad despite high gas prices
STORY: A million barrels per day of emergency reserves are being released, aimed at lowering fuel prices
But 5 million of them ended up in Europe and Asia in June, blunting the initiative
Customs data shows 470,000 barrels shipped to Italy
Sources say reserve crude was also headed to the Netherlands, India and China
Named refiners Phillips 66 and ATMI did not comment on the report
The emergency move by the Biden administration is draining the Strategic Petroleum Reserve
Last month it fell to the lowest level since 1986
QUOTE: Matt Smith, lead oil analyst, Kpler
"Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was assumed."
U.S. crude futures remain above $100 a barrel
And in a fifth of the country diesel prices are above $5 a gallon