Oil Groups Join Chris Wright to Oppose Diesel Export Ban, Urge Trump Not to Weaken US Influence: Warn it Could Raise Fuel Costs, Hurt American Refiners
Industry groups and businesses have urged President Donald Trump to rescind the plan to ban or limit exports of diesel, which has been pushed back against by Energy Secretary Chris Wright amid record-high diesel prices and energy shocks due to the Strait of Hormuz uncertainty, as well as the Russia-Ukraine war. Diesel Limitations Would Be Advantageous to U.S. Adversaries In a letter signed by more than 30 entities, including the U.S. Chamber of Commerce on Wednesday, the groups said that a robust domestic energy sector would translate to a “stronger economy, greater energy security, and less leverage for our [U.S.] adversaries.” The letter then urged Trump to not restrict the movement of diesel. Read Also: Cathie Wood-led ARK Invest Says Oil Could Crash to $30-$35 Once Strait of Hormuz Reopens As Trump Touts Positive Iran Talks “We urge you to reject calls to ban or otherwise limit the exports of diesel and other products that have made the U.S. energy industry so strong,” adding that such a move would negatively impact America’s agriculture and transportation, as well as “lead to less fuel production, tighter supplies, and rising costs.” The group said that with global refining ca
Industry groups and businesses have urged President Donald Trump to rescind the plan to ban or limit exports of diesel, which has been pushed back against by Energy Secretary Chris Wright amid record-high diesel prices and energy shocks due to the Strait of Hormuz uncertainty, as well as the Russia-Ukraine war. S. S. ” The letter then urged Trump to not restrict the movement of diesel.
S. S. S. and to help stabilize global fuel markets,” adding that the surplus of diesel helps meet domestic demand as well as supply to Latin America and Europe.
S. as a “reliable” supplier of fossil fuel products. S. would have to throttle production, which would lead to less gas and jet fuel production, as well as hamper profits, the group said, adding that prices in the Northeastern part of the country that imports oil would rise.
“This could not come at a worse time for consumers as home heating oil season is about to begin,” the letter said. S. S. energy industry is the largest and most efficient in the world, and an indispensable economic and national security asset,” it said, adding that Trump must help “maintain this advantage” and “reject calls to ban the export of our products,” the letter concluded.
4825/gallon on Thursday. 5141/gallon. 2360/gallon on Thursday. 82 at press time.
41 at the time of writing this article. 81 during pre-market trading on Thursday. 35 during pre-market trading on Thursday. S.
would lead to Tehran not opening the waterway. S. that initiated the aggression in the first place following the February attack that resulted in the death of Iran’s former Supreme Leader Ayatollah Ali Khamenei. Read Also: Chris Wright Fires Back at Gavin Newsom Over California’s ‘100% Clean Energy’ Claim—‘More Than 70%’ Still Comes From Oil and Gas Check out more of Future Of Mobility coverage by following this link.
Photo courtesy: Shutterstock