2 hrs ago
Chevron CEO Says Diesel Export Ban Could Worsen Fuel Crunch
Diesel has become more expensive as energy supplies have been disrupted.
Chevron chief Mike Wirth says the United States should not stop diesel from being sold to other countries.
He warns that doing so could leave less fuel available around the world and make other countries doubt US supplies.
President Donald Trump had raised the idea of limiting exports to help US consumers and businesses.
He later said a ban was not really being considered.
The G7 countries agreed to release oil and fuel from emergency reserves over four months.
They also said members should avoid restricting energy exports.
The plan is meant to add fuel to the market and ease price pressure.
Chevron CEO Mike Wirth called a US diesel export ban “unwise,” saying it could worsen global supply shortages.
Wirth warned that restrictions could weaken confidence in the United States as a reliable energy supplier.
President Donald Trump had threatened export limits amid rising diesel prices, but later said a ban was not really on the table.
The G7 agreed to coordinate the release of 100 million barrels of oil and petroleum products over four months through the International Energy Agency.
The G7 plan includes an early diesel release and a commitment among members to avoid energy export restrictions.
- Who
- Chevron CEO Mike Wirth, US President Donald Trump and the Group of Seven.
- What
- Wirth warned that a US diesel export ban could worsen the global fuel crunch; the G7 agreed to release oil and petroleum products from reserves.
- Where
- The debate concerns US diesel exports and global fuel markets, including supplies to Europe.
- When
- The warning and policy debate were reported amid rising diesel prices; the G7 release is planned over four months.
- Why
- Disruptions to global energy markets have pushed diesel prices higher, prompting debate over exports and emergency reserve releases.
Avoid Export Restrictions
Ease Domestic Fuel Pressure
Whether to restrict US diesel exports
Avoid Export Restrictions
Mike Wirth argued that an export ban could remove supply from the global market, worsen shortages and undermine confidence in the United States as a reliable supplier.
Ease Domestic Fuel Pressure
Trump initially threatened export restrictions to ease pressure on US consumers, farmers, truckers and businesses facing higher fuel costs.
Key facts
- Chevron CEO
- Mike Wirth
- G7 reserve release
- 100 million barrels of oil and petroleum products
- Release period
- Four months
- Diesel release timing
- A substantial, front-loaded release is planned within the first 20 days.
- Coordinating body
- International Energy Agency
- US position
- Trump later said a diesel export ban was “never really on the table”; the US would not impose it following the G7 agreement.
Quotes
Mike Wirth
Chevron CEO
“Export bans, be they in the US or in other countries, actually take supply off the global market and they run the risk of making the situation worse.”
livemint.com
“The US has been a reliable supplier to the world at a time when it needs it.”
livemint.com
Sources
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