Energy Execs To Push Against Export Ban At Meeting With Energy Sec Tomorrow

Energy Secretary Jennifer Granholm will hold a meeting with energy CEOs and executives tomorrow in an bid to develop policies to ease rising fuel prices. In that meeting Granholm is expected to float the idea of a export ban on US crude oil derivatives.

• The Biden administration has been forward in blaming oil and gas companies for "price gouging" and failing to invest profits from elevated oil prices back into the sector. Biden said on Monday he wants oil and gas companies to "justify" profits of USD$35 billion made in Q1 2022.
• On June 16, Bloomberg reported that the White House is considering capping US exports of gasoline and diesel fuel - a step short of a full ban on all petroleum product exports.
• Washington Post: "In December, Energy Secretary Jennifer Granholm said a ban on crude oil exports was “off the table.” Asked about this last month, Granholm changed her message and said nothing was off the table."
• A spokesperson for the American Fuel and Petrochemical Manufacturers said: “Not only will limitations or outright bans of petroleum products have the exact opposite effect than intended – raising fuel prices instead of lowering them and placing additional refining capacity at risk – it would hurt our allies in Latin America and Europe."
• Bob McNally of Rapidan Energy Group:“... it would be a gift for Putin, because as the U.S. shut off its supplies to the world, the price of crude oil would go up and that would result in a financial boon for Russia."