KTRH Local Houston and Texas News

KTRH Local Houston and Texas News

KTRH-AM covering local news from Houston and across Texas.

 

Biden Admin Asks Refiners to Limit Exports While Europe Suffers

With U.S. oil refineries working triple time this summer, the Biden administration is now asking them to limit exports.

Energy Secretary Jennifer Granholm insists we need to be prepared in case a hurricane forces shutdowns along the gulf.

"That's what the strategic petroleum reserve was set up for, those types of natural disasters. So they're talking out of both sides of their mouth, which is nothing new," says Rick Perry, former energy secretary and Texas governor.

Energy expert Stephen Schork told Fox News it's clear the secretary has no idea how the global market operates.

"It will create logistical nightmares. You're going to swap certain markets. You're going to deprive other markets of product. This is a boom for energy traders. It will do nothing to help alleviate the cost for the consumer at the pump."

Tim Stewart, president of the U.S. Oil & Gas Association, says limiting exports will hurt European allies, desperate for alternate fuel supplies amid the Russia-Ukraine war.

"It's hypocritical to be promising to our European allies that we'll do everything we can to help them," he says.

"I understand there's election coming three months from now. And I understand they don't want any shortfalls. They want to keep prices down."

Aerial View of a Texas Oil Refinery and Fuel Storage Tanks

Photo: Getty Images


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