U.S. crude oil exports surged to a record high last week

The U.S. exported more than 4.5 million barrels a day of crude oil last week, the highest weekly export on record, according to the U.S. Energy Information Administration's Weekly Petroleum Report. Last week's exports of 4.55 million b/d topped the previous all-time high of 4.46 million b/d in the week ended Dec. 27, 2019. Surging crude exports are draining domestic inventories, which in turn is keeping oil prices high and making gasoline nearly twice as expensive for consumers as it was before the pandemic. As the administration looks for ways to lower gasoline prices, some officials said they would not rule out restrictions on U.S. energy exports.