According to a report from Politico on August 5, as President Trump has recently ramped up attacks on oil companies for what he calls excessive profits, the U.S. energy industry is urgently lobbying the administration to head off any possible White House move to restrict oil exports.
The report indicates that while the Trump administration hasn’t formally proposed any export restrictions yet, the oil sector has gone into full mobilization mode, lobbying the White House Domestic Policy Council, the National Energy Dominance Council, the Department of Energy, and other agencies to squash the very idea before it gains traction.
One energy executive revealed that both industry insiders and government officials are working hard to “stop something from happening.” They noted that while no export control plan has been formally put on the table, “everyone knows what Trump tends to do.”
White House spokesperson Taylor Rogers stated that the administration has “no plans to impose export restrictions on oil and natural gas.” Mike Sommers, head of the American Petroleum Institute, also expressed confidence that Trump understands the importance of maintaining energy exports, adding, “Over the past few weeks, we’ve basically had to clarify our position every other day.”
Still, unease within the industry is clearly on the rise. Back in June, Trump asked the Justice Department to investigate whether oil companies were engaging in price gouging. Then, this past Monday, he publicly blasted ExxonMobil and Chevron for “making too much money.” These remarks have energy firms worried that Trump might take even tougher action against the sector before this year’s midterm elections as a way to push down prices at the pump.
The report also highlights how U.S. crude exports have surged in recent years. By the end of July, daily crude exports had climbed to roughly 3.5 million barrels, up nearly 30% from last year. Exports of refined products like gasoline and diesel have also grown about 20%, exceeding 8 million barrels per day.
Those in favor of export limits argue that sending so much energy overseas is what’s driving up domestic fuel prices. But the oil industry fires back, saying that export restrictions would actually force companies to cut production, which would tighten supply and eventually push energy costs even higher for American consumers.
Bob McNally, head of energy consultancy Rapidan Energy, noted that the White House is currently against export limits, but with sustained pressure on oil prices, a policy shift in the coming months “cannot be ruled out.” Some analysts believe the more political heat Trump faces, the more likely he is to revisit measures he previously set aside.
