Trump Has a ‘Nuclear Option’ to Bring Down Gas Prices. Will It Work?
Officials say export limits are not under consideration, while analysts warn a ban could cut prices briefly but damage refiners and allies.
- The Trump administration rejected calls to ban oil exports, with Energy Secretary Chris Wright and Interior Secretary Doug Burgum dismissing such restrictions as not an option despite mounting public pressure on fuel prices.
- Fuel costs have surged, with the national average hitting $4.53 per gallon—up from $2.98 before the conflict in the Strait of Hormuz, which traditionally carries about 20 percent of global oil.
- Democratic Rep. Ro Khanna argued last month that banning exports is 'common sense,' while Macquarie Group strategist Vikas Dwivedi suggested a temporary ban could crash gasoline prices in time for the midterms.
- Industry analysts like RBN Energy's Robert Auers warn a ban would be a 'total mess,' potentially forcing refiners to shut down, while Chevron CEO Mike Wirth noted history shows such policies have 'unintended consequences.'
- Kpler analyst Matt Smith stressed that the United States relies on importing 6.5 million barrels of crude daily to blend with domestic shale, meaning the country is not an energy island.
13 Articles
13 Articles
The United States produces so much oil that millions of barrels of crude oil are shipped abroad every day.
By Matt Egan, CNN, the United States produces so much oil that millions of barrels of crude are shipped abroad every day. Those American barrels have become extremely valuable to the rest of the world since the war in the Middle East trapped nearly a billion barrels of oil in the Gulf. Asian and European nations have hastened to replace the oil that was stranded due to the closure of the Strait of Ormuz, which has led to a dizzying increase in d…
Trump’s Gas Price ‘Nuclear Option’ Faces Iran-Hormuz Test as Oil Falls Below $100
Brent crude fell below $100 a barrel Thursday as the U.S. and Iran moved toward a limited war halt, but U.S. gasoline prices remained high at $4.558 a gallon, AAA said. The White House is not seriously considering limits on oil exports, according to cabinet officials. U.S. crude inventories dropped by 2.3 million barrels last week, with distillate stocks at their lowest since 2005. The post Trump’s Gas Price ‘Nuclear Option’ Faces Iran-Hormuz Te…
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