The White House has ruled out the possibility of imposing a ban on crude oil and gas exports as it seeks ways to mitigate the sharp rise in energy prices caused by the war with Iran. A US administration official told CNN, as reported by UNN.
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The prospect of export restrictions has met with fierce resistance from US energy executives, who have long argued that it would cut off key supply channels to foreign allies and throw global oil markets into chaos.
US Vice President J.D. Vance and Energy Secretary Chris Wright met today with executives from leading oil companies.
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Initially, Trump administration officials considered the ban as one of the ideas aimed at mitigating the sharp rise in oil prices, which led to a significant increase in gasoline prices in the US.
However, the administration has since been exploring other options, including potentially lifting some sanctions on Iranian oil at sea and releasing more oil from the US strategic reserve.
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According to CNN, US crude oil exports were effectively banned from 1975 to 2015, until the country's oil boom lifted the ban and allowed exports.
Opponents of re-imposing the ban cite studies that concluded that US exports contributed to increased domestic oil production, and the increased availability of oil helped lower oil prices in global markets, and thus gasoline prices both in the US and abroad.