The Biden administration is asking domestic oil producers to concentrate on the US market and limit their foreign exports. The request from the US Energy Secretary seems to fly in the face of an earlier policy, and industry experts say cutting exports will just drive global prices up. In a private letter, Energy Secretary Jennifer Granholm called on major US oil refiners to “focus on the near term on building inventories” in the United States rather than selling down current stocks and further increasing exports. Ms Granholm argues the United States needs to prepare for hurricane season, which can disrupt oil production.
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If they would’ve left everything alone the way Trump had set it up, we would still be net exporters of oil.
Best business advice: do exactly the opposite of what a politician tells us and especially if they are socialist politicians.
