According to a report by the American 'Politico' news website on August 5th, as US President Trump has frequently criticized oil companies for their high profits, the US energy industry is urgently lobbying the government to prevent the White House from taking measures to restrict oil exports.
According to reports, although the Trump administration has not officially proposed any export restrictions, the oil industry has mobilized its entire workforce to lobby agencies such as the White House Domestic Policy Commission, the National Energy Leadership Council, and the Department of Energy, in an effort to discredit this possibility.
A senior figure in the energy industry revealed that both the industry and government are working hard to ‘prevent things from happening’. He said that although officials in the Trump administration have not formally proposed any export control plans, ‘everyone knows what Trump would do’.
White House spokesman Taylor Rogers stated that the government “has no plans to impose restrictions on oil and natural gas exports”. American Petroleum Institute director Mike Summers also said he believes Trump understands the importance of maintaining energy exports, “We have had to clarify this issue almost every few weeks over the past few weeks.”
However, the unease in the industry is growing. In June of this year, Trump asked the Department of Justice to investigate whether oil companies were engaging in price gouging. On Monday, he publicly criticized ExxonMobil and Chevron for “making too much money.” These remarks have caused energy companies to worry that Trump might take stronger measures against the industry before this year’s mid-term elections, in order to lower domestic oil prices.
Reports indicate that U.S. crude oil exports have been growing rapidly in recent years. By the end of July, U.S. crude oil exports reached approximately 3.5 million barrels per day, a nearly 30% increase from last year. Exports of refined fuels such as gasoline and diesel also increased by about 20%, exceeding 8 million barrels per day.
Those who support export restrictions believe that the large amount of energy being exported overseas drives up fuel prices in the United States. However, the oil industry argues that export restrictions may instead lead to companies reducing production, causing supply shortages and ultimately increasing the energy costs borne by American consumers.
Energy consulting firm Rapidan Energy’s director, Bob McNeely, said that the White House still opposes export restrictions. However, with continued pressure from oil prices, there is a possibility that policies may change in the coming months. Some analysts believe that the greater the political pressure Trump faces, the higher the likelihood of reconsidering measures that have been vetoed.
