Restricting U.S. oil exports would betray European allies and benefit Russia
As the Biden administration scrambles to find ways to bring down soaring gas prices, several old ideas are gaining new life in public debate and inside the White House. The latest is a proposal to ban or restrict U.S. oil exports, which wouldn’t fix the problem and would very likely hurt our European allies while handing a financial windfall to Russian President Vladimir Putin.
On June 16, Bloomberg News reported that the White House is considering capping U.S. exports of gasoline and diesel fuel, a step short of a full ban on all petroleum product exports. The White House’s National Economic Council has already been exploring legal justifications for restricting exports, the report stated, because the president doesn’t have explicit authority to make this unprecedented move.… Seguir leyendo »