Biden next dumb move will push oil prices higher

[dan_s]

Reversing energy export boom is economic dead end for Biden. Forbes. Opinion.
Oil prices are back on the rise, and the Biden administration is correct to be concerned about volatile energy markets heading into the tightly contested midterm elections. But once again, the administration is considering counterproductive policies like restricting exports of U.S. energy while blaming the domestic oil and gas industry for its problems. The administration has toyed with export restrictions, but with the election nearing and inflation still soaring, the prospects now look stronger. News that the OPEC-plus cartel will likely announce a significant production cut this week to support oil prices – a major blow to the White House – will also factor in. But keeping more energy at home and off the global market won’t make these commodities, which are priced in international markets, any cheaper. Indeed, such measures could backfire and send fuel prices higher.

U.S. oil groups urge Biden to take fuel export ban off table - letter. Reuters.
The largest U.S. oil trade groups said on Tuesday that they have "significant concerns" that the Biden administration is considering limiting fuel exports to lower consumer prices and urged top officials to take the option off the table, according to a letter seen by Reuters. The joint letter from the American Petroleum Institute and the American Fuel and Petrochemical Manufactures to Energy Secretary Jennifer Granholm represents the latest volley in a clash between the oil industry and the Biden administration over high energy prices. President Joe Biden has made battling an energy-led surge in consumer prices a top priority and has repeatedly chided oil companies for earning bumper profits at a time of record gasoline prices.
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Team Biden is clueless. All of their short-term moves (draining the SPR) are worthless because the US is an oil importer. The oil market is "global". US based majors like ExxonMobel, Chevron, ConocoPhillips have no control over oil prices. Draining the SPR is bullish for our upstream companies because it will prolong high oil prices. Banning exports of refined products would be extremely stupid because so many countries in the Western Hemisphere depend on imports of gasoline, diesel and propane from the US. Of course, Team Biden is known for doing stupid things.

[dan_s]

Team Biden is in "Panic Mode" and more likely to do really stupid stuff.

https://www.zerohedge.com/commodities/w ... stile-acts

My advice: Fill up your gasoline tanks as soon as possible.