US Export Ban Unlikely to Lower Energy Prices
US Interior Secretary Doug Burgum stated that banning domestic oil and fuel exports would fail to lower consumer energy prices and could trigger damaging retaliation.
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United States Interior Secretary Doug Burgum said on Monday afternoon that a ban on domestic oil or fuel exports would fail to lower energy prices for consumers. Speaking at a G20 energy meeting in Houston, Burgum warned that export restrictions could trigger retaliatory measures from foreign suppliers. The administration faces mounting pressure as diesel recently surpassed $6 a gallon amid ongoing tensions involving Iran.
