President Biden has made it clear that he won’t take any tools off the table when it comes to bringing gasoline prices down. One such tool is an oil export ban, an idea that could backfire massively if it were to be used. An export ban would reduce the amount of crude on the global market and therefore could increase rather than decrease the price of gasoline. As U.S. average gasoline prices hit $5 a gallon, the Biden Administration is scrambling to lower the highest fuel prices on record and the greatest inflation in 40 years. The Administration is considering all possible tools to affect a decline in gasoline prices, but all those tools would either do very little to reduce prices or could even backfire spectacularly in a global market that is tight on supply. One of the most short-sighted ideas in the toolbox is a ban or […]

Posted in: USA