Burgum Says Oil Export Ban Unlikely to Lower Energy Prices
Interior Secretary Doug Burgum said banning U.S. oil, gasoline or diesel exports would be unlikely to lower energy prices during the war with Iran and could provoke retaliatory restrictions that hurt consumers, particularly in import-dependent California. He said California’s refinery closures have contributed to its already-high fuel prices and warned an export ban could worsen supply problems. With diesel prices above $6 a gallon and the November midterm elections approaching, the Trump administration is considering other measures, including using the Cold War-era Defense Production Act to expand domestic refining capacity.
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