U.S. Oil Industry Fights to Protect 3.5 Million-Barrel Crude Exports From Trump Curbs
Updated
Updated · POLITICO · Aug 5
U.S. Oil Industry Fights to Protect 3.5 Million-Barrel Crude Exports From Trump Curbs
2 articles · Updated · POLITICO · Aug 5
Summary
U.S. oil and refining groups are mounting an "all hands on deck" push to dissuade Donald Trump from imposing export controls on crude and fuel shipments.
Nearly 3.5 million barrels a day of crude were exported in late July—up almost 30% from a year earlier—while refined-product exports topped 8 million barrels a day, up 20%.
Industry lobbyists and refiners say blocking exports would force lower production, squeeze supply and ultimately raise U.S. gasoline prices by cutting outlets for surplus fuels such as diesel.
Progressive critics of the industry are urging Trump to go further, arguing exports fatten oil profits and lift domestic prices; some also want a windfall-profits tax to fund household relief.
The clash leaves export policy at the center of a broader fight over whether restricting U.S. energy sales abroad would shield consumers or backfire on both domestic and global fuel markets.