US pays less for oil than Europe

The leading European nations have paid about 10 per cent more than the US for the oil they consumed during the first half of the year as less sophisticated refineries force Europe to import premium high quality oil.

Germany, France and the UK paid $47.40 a barrel on average for the oil they consumed between January and June, while the US paid $43.10 a barrel, according to data from the International Energy Agency, the industrial countries oil watchdog.