Why Biden Should Avoid An Oil Export Ban
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 some kind of restriction on U.S. oil exports—a tool that hasn’t…