TortoiseEcofin Portfolio Manager Matt Sallee in Bloomberg News

Biden Faces Pleas for Oil Export Ban That Would Upend Markets

President Joe Biden faces growing pressure even from fellow Democrats to address rising gasoline prices with measures such as a ban on oil exports, a move that could upend global markets, discourage shale drilling and end up not helping American drivers that much.

It was only six years ago that Congress lifted a 40-year-old ban on U.S. oil exports, reshaping global crude flows, shifting geopolitical power and disrupting entire economies. The U.S. has emerged as the world’s largest oil producer and its crude has reached more than 50 countries, with shipments often surpassing those of any OPEC nation aside from Saudi Arabia.

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