US Petroleum Exports at All-Time High amid energy crisis

The US shipped out the most crude and refined-oil products in three decades as energy-starved economies increasingly turn to American supplies to stave off shortages, Bloomberg reports.

More than 11 million barrels of crude oil and products such as diesel fuel left US ports on a daily basis last week for overseas markets, government data showed on Wednesday. That was the most in data going back to February 1991.

Diesel led the surge with a 20% jump in exports while crude outflows exceeded 4 million barrels a day for a second straight week -- the first time that’s happened since lawmakers lifted a decades-old export ban in late 2015.

Europe and Asia are experiencing one of the biggest energy crises in history, which has intensified since the Russian invasion of Ukraine.