U.S. refineries are preparing themselves for the possibility that President Joe Biden could impose a ban on fuel exports to try to control high gasoline and diesel prices.
arguing that a ban was unlikely to lower prices while damaging the U.S. refining sector and cutting off foreign nations, especially those in Latin America, that rely on U.S.-made fuels.
"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,” American Fuel and Petrochemical Manufacturers President and Chet Thompson and American Petroleum Institute President and CEO Mike Sommers wrote in a letter to Energy Secretary Jennifer Granholm Tuesday.
"This is not easy to fix. these are long term fundamental issues," the executive said."The U.S. lost 1 million barrels of refining capacity since COVID."
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