Oil Industry Rushes to Head Off Trump's Potential Export Restrictions
The oil industry is rallying to prevent US President Donald Trump from imposing export restrictions on petroleum, amid growing criticism of high fuel prices.
Industry executives have been making a 'renewed push' to head off any move by the administration to curb U.S. petroleum exports, with outreach extending to officials in the White House Domestic Policy Council, the National Energy Dominance Council, and the Energy Department.
The industry worries increased after Trump said on Monday that oil giants Exxon Mobil and Chevron were 'making too much money,' fueling fears he may try to limit fuel exports to foreign countries, a business that's boomed since the start of the US-Israeli war against Iran.
'There's an all-hands-on-deck from industry and inside the administration to stave it off,' said one energy industry executive, who added that White House officials haven't formally pitched the idea but everyone knows 'Trump's gonna Trump.'