US Oil and Gas Sector Mobilizes Full-Court Press Against Diesel Export Ban Proposal

Deep News
Sep 24

Upon hearing of President Trump's proposal to impose a diesel export ban, the oil and gas industry has swiftly deployed its heavy artillery for a lobbying offensive.

Shortly after the suggestion was floated on Tuesday, American Petroleum Institute (API) CEO Mike Sommers issued a statement condemning the move. As the sector's premier lobbying group, he argued that restricting U.S. exports would only exacerbate the ongoing problem of rising diesel costs.

The API also published a dedicated press release detailing the perils of implementing such an export restriction. The organization stated that limiting American diesel exports would severely disrupt fuel markets both domestically and internationally, hamper refinery operations, and intensify a global refining crisis that is already exerting upward pressure on U.S. prices.

Nearly simultaneously, a loose coalition of CEOs connected to the API and the American Fuel & Petrochemical Manufacturers (AFPM), an industry group representing refiners, sprang into action. According to sources familiar with the matter, Chevron CEO Mike Wirth, Phillips 66 CEO Mark Lashier, and other executives have begun calling their contacts within the administration to push back against the ban.

These executives, who maintain varying relationships with different members of the administration, have all clearly voiced their displeasure. ExxonMobil and Valero have also joined the resistance effort, sources said.

Additionally, the industry has secured backing from Texas Senator Ted Cruz and Republicans from Louisiana.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10