Why Is The United States Still Exporting Fuel?

As the U.S. national average price of gasoline hits $5 per gallon, higher fuel exports out of America are additionally sapping domestic fuel inventories, which are already at multi-year lows.  Reduced refining capacity since the start of COVID, low inventories, and strong post-COVID demand, alongside $120 a barrel crude, have sent U.S. gasoline prices soaring over the past months to reach a record-breaking $5 a gallon on average.  The White House is desperate to lower gasoline prices, which are the most important election issue for many…