EXXON CEO Warns Against Biden’s Export Plan

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According to a letter obtained by The Wall Street Journal from Exxon CEO Darren Woods to the Energy Department, Exxon warned refiners to not stop exporting to put more gas and oil in reserve.

This is what the Biden administration had asked seven major U.S. refiners to do in August, the Journal reported.

In a letter the outlet obtained from Energy Secretary Jennifer Granholm to major refiners, she warned that gas reserves were low and needed a boost.

Granholm is an ideologue who only acts out of political expediency.

“Given the historic level of U.S. refined product exports, I again urge you to focus in the near term on building inventories in the United States, rather than selling down current stocks and further increasing exports,” Granholm wrote in the letter, according to The Wall Street Journal.

“It is our hope that companies will proactively address this need. If that is not the case, the Administration will need to consider additional Federal requirements or other emergency measures.”

However, Exxon this week urged that exportation needs to continue from the United States so that the broader global market can begin to restabilize. This is especially important as Russian supplies are cut off.

“Continuing current Gulf Coast exports is essential to efficiently rebalance markets—particularly with diverted Russian supplies,” Woods wrote in the letter to the Energy Department, the Journal reported.

“Reducing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall,” the Exxon CEO added.

Granholm has zero experience for the job.


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GuvGeek
GuvGeek
4 months ago

It’s time to get rid of the Lawyers and Academics in Government put in people who have a Clue – Businessmen!