Donald Trump said his administration assesses the possibility of halting oil exports every day. The White House is seeking ways to curb rising fuel costs ahead of the midterm elections, which will be held in November.
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The U.S. president acknowledged that restricting exports could lead to higher gasoline prices, but argued that such a measure could lower the price of oil.
During a conversation with reporters in the Oval Office, Trump said that an export ban remains an option under consideration by the government. He warned that the measure could have a “negative impact” on gasoline prices, while the administration seeks to curb rising oil prices, which have reached historic levels in the United States.
Trump attributed part of the price increase to the consequences of the war between Russia and Ukraine. According to him, attacks on energy infrastructure have affected the reduction of fuel production and exports.
He said that, despite the difficulties, the United States is in a more favorable position than other countries, adding: “We think we’re doing very well.”
In his remarks, the president did not refer to the war with Iran or disruptions linked to the Strait of Hormuz, although developments in the Middle East have had a considerable impact on the global oil market.
Energy Secretary Chris Wright gave a broader overview of the situation and said that fuel supplies are being affected by several factors. “We have lost some oil exports from the Middle East, although we are restoring them, and we have lost some oil exports from China,” he said.
Wright said the supply chain is facing several pressures simultaneously. According to him, the U.S. government expects Europe to soon make announcements that could lead to an increase in oil exports.
As the November elections approach, rising fuel prices have become an important political issue for the White House.
In addition to the possibility of halting exports, the administration is also considering voluntary restrictions on refinery exports and broader use of untaxed “red” diesel, with the aim of easing pressure on prices.
