Hi RJ,
President Biden is reportedly considering restrictions or an outright ban on the export of refined petroleum products, which includes the gasoline and diesel that fuels your cars and trucks. The Administration is considering such a move because they think it could cut down on rising gas prices. In reality, banning fuel exports could make our current energy challenges far worse.
In fact, two out of every three U.S. consumers could pay more – potentially more than 15 cents a gallon – at the pump if such a ban were to go into effect. As American Petroleum Institute President and CEO Mike Sommers and American Fuel and Petrochemical Manufacturers President and CEO Chet Thompson said, “Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices, and alienate U.S. allies during a time of war.”