Rep. Pallone calls on Biden to halt crude oil exports to reduce domestic gas prices
U.S. Rep. Frank Pallone, Jr. (D-NJ), chair of the House Energy and Commerce Committee, urged President Joe Biden to halt crude oil exports to reduce gas pump prices by increasing the domestic supply of oil available for U.S. refiners.
On Thursday, Pallone sent a letter to the White House thanking t Biden for his efforts to address the impact of rising fuel prices but still urged him to restore a ban on the export of crude oil.
In 2015, Pallone’s office said, Republicans passed a repeal of the Energy Policy and Conservation Act’s statutory crude oil export ban, which had protected U.S. refiners and consumers for more than 40 years. At the time, Pallone warned that the move could harm U.S. energy security and economic well-being while increasing prices at the pump. During the vote, however, Committee Democrats were able to preserve the President’s ability to impose restrictions on exports for up to one year, Pallone’s office said, if the President declared a national emergency or if crude oil exports resulted in sustained higher prices likely to cause adverse effects on domestic employment.
“I believe that our current circumstances meet the requirements of the law with respect to reimposing export restrictions on U.S. crude oil,” Pallone wrote. “Stopping crude oil exports would increase the domestic supply of oil available to U.S. refiners and would consequently help reduce prices at the pump here at home. I, therefore, urge you to exercise your authority to halt the export of U.S. crude oil, except for those exports that directly help Ukraine and other U.S. allies weather the effects of Russian aggression.”
As the largest producer of oil in the world, the domestic oil production of the United States has increased 16 percent since Biden’s first full month in office. However, instead of refining that crude at home for domestic use, the U.S. is exporting oil at near-record amounts.
“As expected, unrestricted crude oil exports have increased profits for fossil fuel producers each year to the detriment of domestic refining investments and lower prices for consumers. Taking action to restrict exports could provide real relief to Americans,” Pallone wrote.
