Top energy company executives convince the White House on Thursday to not ban fuel exports I try to persuade you. Lower spectacular gasoline prices.
An emergency meeting led by Energy Secretary Jennifer Granholm is between President Biden and oil companies over the causes of the sharp price hikes affecting millions of people around the world. It's been a week of turmoil.
On Wednesday, Biden asked Congress to pass a three-month suspension of federal gasoline and diesel taxes. This is a proposal that was previously criticized by members of both parties.
The president has previously accused oil companies of making a profit, and has refined or drilled enough to deal with the price increases caused by Russia's invasion of Ukraine. I blamed him for not going. The ridicule of companies and critics pointing to Biden has discouraged fossil fuel production and promoted so-called "green energy" in many of his administrations.
Weeks leading up to the meeting White House officials consider refiner a partial or complete ban on fuel exports I notified you that you are doing it. Domestic prices for gasoline and diesel.
Granholm said at a White House briefing Wednesday that Biden wants to win bipartisan support for a petrol tax exemption, despite initially receiving a lukewarm welcome. rice field.
Asked about industry concerns about possible export bans, Biden said, " I'm willing to take the tool off the table, but we'll listen." Stated.
According to data from the National Association of Convenience Stores, about 145,000 There are gas stations in the United States. Oil refining companies own less than 5% of their stores, and about 60% are owned by one individual or family who operates only one place.
According to federal data, the United States is the world's largest exporter of refined products, shipping nearly 6 million barrels per day, including gasoline and diesel.
If Biden restricts the export of , could temporarily flood the market with fuel. Prices will go down, but there is a risk of lower production from refiners.
"Restrictions or complete bans on petroleum products, not just , have the opposite effect of what they intended. Risk – it hurt Latin American and European allies. That would be, "said a petrochemical maker spokesperson, fuel in America.
Gas prices gradually rose in 2021 from about $ 2.30 to $ 3.27 per gallon. Then, on February 24, Russia invaded Ukraine.
In 2015, the United States banned for 40 years Crude oil is exporting , which was set up to help the country reduce its dependence on the Middle East.
Over the last two years, the United States has become one of the most important countries in the global energy market as a result of becoming a net exporter of crude oil and refined products.
"If the refiner is not licensed for export, production will slow down and refinery utilization will decrease," said Bob Yoger, director of energy futures at Mizuho. increase.
According to Yawger, excess products could be sent to inventory. High, as a result, refiners lose money on it.
"The refiner is , not a charity," he added.
Price increases Recession threat Inflation surge and other concerns The recessionary economy, which occurs in the signs of a recession, has crushed Biden's approval rating and cast a dark cloud over the possibility that the Democratic Party will retain parliamentary power in the November elections.
Biden said in an interview last week, "Until gas prices began to rise ... things were much more and much more optimistic."
With post wire