Don't Restrict Fuel Exports, Exxon Tells Biden Admininstration
Exxon Mobil is urging the Biden administration not to place restrictions on fuel exports, saying the controls would hurt global supply and increase domestic gas prices, The Wall Street Journal reported Sept. 30. In a letter sent to the Energy Department last week, Exxon said fuel exports from the Gulf Coast are “essential to efficiently rebalance markets -- particularly with diverted Russian supplies,” adding that “[r]educing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall.” The energy company said fuel export restrictions won’t help fill tanks in U.S. regions that need more supplies, but would only “create a glut in the Gulf Coast that would lead refineries to cut output," the report said.
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Exxon didn’t comment. An Energy Department spokesperson told the WSJ the agency “has impressed upon the oil and gas industry that it must do more to ensure fair prices and adequate supply for all Americans, while meeting the needs of our allies.”