Business

Exxon CEO warns Biden administration about fuel export restrictions


Exxon Mobil Corp. is pushing back on cuts to US fuel exports urged by the Biden administration in August, arguing that restricting shipments will further squeeze global supply and lift domestic pump prices.

Exxon told the Department of Energy this week that the oil industry should not slow fuel shipments in favor of putting more in containers, according to a letter reviewed by The Wall Street Journal. Reduced exports will not fill storage tanks in the Northeast – an area where US officials say oil companies need to send more supplies – and will instead create a glut on the Gulf Coast that causes refineries cut output, according to the letter. signed by Exxon CEO Darren Woods.



Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button