President Biden has already launched the biggest intervention into energy markets in a decade. Big Oil is nervous he's not nearly done yet.
For weeks, Democrats have been calling for Biden to go even further than releasing strategic oil reserves by banning US oil companies from shipping oil overseas. Despite pressure from lawmakers in his party, Biden has so far refrained from taking the more extreme step of banning oil exports. A spokesperson from the White House declined to comment.
and Putin," the API CEO said, referring to Russian President Vladimir Putin.'Oil shock across the world'Last month, nearly a dozen Congressional Democrats urged Biden to address high gas prices by exploring an export ban. "A ban on US crude oil exports will boost domestic supply and put downward pressure on prices for American families," the lawmakers wrote in a letter to Biden.
's power was waning. Soon it may have more sway than ever"This would lead to an oil shock across the world," Sommers said.Pressure on the White House to ban oil exports has gone down because oil prices have plunged.After flirting with $85 a barrel in mid-November, US oil prices recently dropped below $65 a barrel. The selloff began in anticipation of the coordinated release of strategic reserves by the United States, China and other nations.
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