"White House Weighs Fuel Export Limits as Pump Prices Surge"

"Top Biden administration officials are weighing limits on exports of fuel as the White House struggles to contain gasoline prices that have topped $5 per gallon.

Discussions around capping gasoline and diesel exports have picked up in recent days, as President Joe Biden intensified his criticism of soaring oil company profits, said people familiar with the matter who asked for anonymity to describe private conversations.

Limits under consideration would fall short of a complete ban on foreign sales of petroleum products, with gasoline exports averaging 755,000 barrels a day so far this year, according to the U.S. Energy Information Administration. That’s up from 681,000 barrels a day during the same period in 2021.

The discussion comes as White House officials consider an array of options for taming gasoline prices that pose an increasing political risk for Biden and Democrats struggling to maintain control of the House and Senate during the November midterm elections. White House Press Secretary Karine Jean-Pierre said June 16 the president is open to using emergency wartime powers under the Defense Production Act to “lower costs at the pump.”"

Jennifer A. Dlouhy and Ari Natter report for Bloomberg News June 16, 2022.

Source: Bloomberg, 06/17/2022