CRUDE FLIP-FLOP: Biden's Energy Sec Now Open To Oil Ban, But Will It Actually Lower Gas Prices?
Added 05-25-22 03:16:02pm EST - “Energy Sec Jennifer Granholm said the administration hasn't ruled out an oil export ban Tuesday, an apparent reversal of its previous position on the policy.” - Dailycaller.com
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Energy Secretary Jennifer Granholm said the administration hasn’t ruled out a petroleum export ban Tuesday, an apparent reversal of its previous position on the policy.
Granholm’s comments appeared to suggest President Joe Biden was open to both an oil export ban and export ban on refined products like gasoline or diesel fuel. The energy secretary promised in December that a crude oil export ban was off the table during a meeting with oil industry officials, adding that she didn’t “want to fight” with domestic energy producers.
“I can confirm the president is not taking any tools off the table,” Granholm remarked Tuesday during a visit to Louisiana, Reuters reported. (RELATED: RUNNING ON EMPTY: America’s Diesel Stockpiles Are Rapidly Dwindling, Fuel Rationing On The Horizon)
However, market analyses of the 1975 federal oil export ban, which was repealed in 2015, suggested the policy had a negligible impact on prices and, sometimes, led to higher domestic energy prices. Allowing oil exports incentivizes domestic production, ensures global market stability and boosts the U.S. economy, according to multiple studies.
“Petroleum product prices in the United States, including gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude oil exports,” the Energy Information Administration (EIA) concluded in a 2015 report.
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