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Administration Officials Rule Out Oil Export Ban in Meeting with Industry Execs
Posted on 3/20/26 at 6:37 am
Posted on 3/20/26 at 6:37 am
quote:
The Trump administration told oil industry executives Thursday it has ruled out banning oil exports as a way to bring down energy prices amid the escalating war in Iran, according to a senior administration official who participated in the meeting.
Vice President JD Vance, Energy Secretary Chris Wright and Interior Secretary Doug Burgum tamped down the rumor at a meeting with the board of the American Petroleum Institute, the top trade association for the oil industry. The White House has been searching for ways to reverse the steep climb in oil and gasoline prices that has resulted from Iranian attacks on oil and gas fields in the region, as well as from blocking the Strait of Hormuz, a key waterway for oil tankers in the Middle East.
quote:
Industry executives also expressed support for the administration’s decision to temporarily waive maritime shipping requirements under the Jones Act, according to the senior official.
LINK
quote:
In identical statements posted on social platform X, Interior Secretary Doug Burgum and Energy Secretary Chris Wright said, “To be clear, the Trump administration has no plan to implement restrictions on oil and gas exports.”
The statements were likely made to assuage industry fears that restrictions could be put in place to combat high energy prices resulting from the war.
The Trump administration has sought both to produce more oil and gas and to export it, arguing that it would be good for the economy to do so.
The U.S. had banned crude oil exports until 2015, when the ban was lifted. U.S. oil production rose dramatically in the 2010s.
LINK
2
Posted on 3/20/26 at 7:09 am to ragincajun03
doesn't really sound "America First" to me.
Posted on 3/20/26 at 7:23 am to texas tortilla
Banning exports would be extreme.
WTI is in low 90s
Brent is dropping and down to 103.
Reports of OPEC+ increasing production and ships starting to move through shipping lanes more easily are putting downward pressure on prices.
We are not at a point of needing extreme measures, I think in the next week or two we will be in 75-90 dollar range on oil
WTI is in low 90s
Brent is dropping and down to 103.
Reports of OPEC+ increasing production and ships starting to move through shipping lanes more easily are putting downward pressure on prices.
We are not at a point of needing extreme measures, I think in the next week or two we will be in 75-90 dollar range on oil
Posted on 3/20/26 at 7:35 am to texas tortilla
quote:
doesn't really sound "America First" to me.
China has halted exports of oil, coal and LNG.
As a result, they are now exposed as being an unreliable supplier of needed energy.
The U.S. under Trump is now elevated in that regard.
More nations can be expected to come to us for our and Venezuela's (same thing) fuel.
Further weaken China and forge new and stronger alliances.
Advice to Panicans and dummy leftists:
Even a fool, when he holdeth his peace, is counted wise: and he that shutteth his lips is esteemed a man of understanding.
Posted on 3/20/26 at 3:05 pm to texas tortilla
quote:
doesn't really sound "America First" to me.
Much of what is export is actually condensate and is only called crude oil because of an act of congress in the 1970s
The actual production of crude oil in the US is 9 million BPD with 4 million BP of condensate added to make it 13 million BPD. We import another 5 million BPD mostly from Canada
The US has not been OIL independent since 1943
Interesting how much of Eagle Ford "crude oil" is trucked up to Permian Basin to be blended in to become actual crude oil for a better price.
Posted on 3/20/26 at 3:09 pm to ragincajun03
Most of the oil released from SPR will be exported. We no longer have a web of pipelines to go inland from TX and LA. Heck Corpus isnt connected by pipeline to the SPR.
Posted on 3/20/26 at 3:09 pm to CitizenK
this topic is the third rail for the Trump. Exxon has seen a run up in profit of 2-3 billion a month from the permiain basin oil chasing Middle East pricing.
Posted on 3/20/26 at 3:34 pm to CitizenK
We produce 13,78 million barrels of just oil (no condensates) and use about 16.5 million barrels.
We import the majority of Canadian oil because they cant refine it. Keep some and export a good portion, even selling some back to Canada.
Republicans had to give the dems a 1.1 trillion dollar spending bill to get the 40 year ban on oil exports lifted, I highly doubt we will take that socialist route again and restrict exports.
We import the majority of Canadian oil because they cant refine it. Keep some and export a good portion, even selling some back to Canada.
Republicans had to give the dems a 1.1 trillion dollar spending bill to get the 40 year ban on oil exports lifted, I highly doubt we will take that socialist route again and restrict exports.
Posted on 3/20/26 at 3:36 pm to Trevaylin
quote:
this topic is the third rail for the Trump. Exxon has seen a run up in profit of 2-3 billion a month from the permiain basin oil chasing Middle East pricing.
No one bailed them out when the price went negative. But I agree dems will be screaming that profitable companies are...well, making profits.
Posted on 3/20/26 at 3:42 pm to trinidadtiger
quote:
(no condensates)
9 million is 45 api and below. The rest is higher API thus condensate. Per EIA data. A crude unit needs more energy in the form o heat to refine above 40 API and it already needs a preflash column at 40 API.
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