Biden Team Rejects Plan to Ban Oil Exports, Citing Price Risks

The White House has indicated that it may reject a proposal to ban exports of U.S. oil and diesel, citing concerns about price increases for consumers.

This move comes after some lawmakers on Capitol Hill floated the idea of restricting oil and diesel exports in an effort to lower prices at the pump.

According to a 2022 statement from the Biden administration, 'Petroleum liquids markets are global. Free, unrestricted trade is key for the efficient operation of markets and enabling lowest cost supply.'

The White House argues that export bans would interfere with the efficient flow of crude oil, products, and natural gas, exacerbate the tight supply/demand balance, and ultimately increase prices to consumers.