America’s refiners are producing near-record volumes of gasoline and diesel and selling historically high amounts to overseas buyers. Why not force exports lower via government intervention, keeping more American-made fuel in America and cutting costs for domestic consumers?
The Biden administration appears to be pondering that very question. The answer, according to critics, is that it won’t work. They say refined product export restrictions would be a net negative for consumers. Most would pay more, not less. They believe it would be bad for domestic refiners and oil producers and would make the geopolitical mess even messier.
View entirety: Freightwaves