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Exxon CEO Warns Biden Administration Against Limiting Fuel Exports

Collin Eaton of The Wall Street Journal reports on the Biden administration asking companies to limit fuel exports.

The C3 Take
  • With gas prices expected to rise, the Biden administration has urged oil companies to reduce exports to refill tanks in the Northeast.
  • Limiting exports will reduce the global supply of oil and lead to price increases.
  • To help the Northeast meet their energy needs, policymakers should consider waiving Jones Act requirements to allow fuel to be delivered in a more timely and efficient manner.
  • Rather than asking companies to reduce output, lawmakers should reduce barriers to allow the private sector to thrive and innovate.

“Mr. Woods also said pipelines that carry fuel from the Gulf Coast to the East Coast are full. Without waivers of the Jones Act—the law passed a century ago that effectively limits the number of vessels allowed to move goods between U.S. ports—Mr. Woods said there aren’t enough ships to move more U.S.-made fuel to the Northeast.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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