Banning US oil exports would be a 'gift to OPEC and Putin,' Big Oil CEO says [CNN]
Exxon Mobil Corporation (XOM)
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Source: CNN
New York (CNN Business) For weeks, Democrats have been calling for Biden to go even further than releasing strategic oil reserves by banning US oil companies from shipping oil overseas. Despite pressure from lawmakers in his party, Biden has so far refrained from taking the more extreme step of banning oil exports. A spokesperson from the White House declined to comment. But American Petroleum Institute CEO Mike Sommers told CNN that the powerful oil-and-gas trade group is "absolutely" taking the risk of an export ban seriously, including by leaning on moderate Democrats to talk White House officials out of the idea. "We're marshalling all of our forces. We're doing everything we can," Sommers said during an interview in his Washington office. Sommers warned that not only would an export ban backfire on US drivers by jacking up prices at the pump, it would help foreign producers by boosting their revenue and market share. "It would be a gift to OPEC and Putin," the API CEO
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XOM
Earnings
- 2/2/24 - Miss
XOM
Sec Filings
- 4/22/24 - Form PX14A6G
- 4/18/24 - Form PX14A6G
- 4/11/24 - Form DEFA14A
- XOM's page on the SEC website