U.S. Exports Oil Reserves Amidst Soaring Gas Prices

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Nearly 5 million barrels of the Strategic Petroleum Reserve (SPR) — U.S. emergency oil reserves aimed at lowering domestic fuel prices — were exported to Europe and Asia last month amidst record high gas and diesel prices.  The flow is draining the SPR, falling to its lowest level last month since 1986, as approximately 1 million barrels per day are being released, and will continue through October.  According to U.S. officials, oil prices could be higher if the reserve had not been tapped.