Not sure I totally agree with the CEO. If I don’t export my production and part of the US needs that fuel, then why can’t it go there? I think the real issue is Exxon makes more money off of exports. Is that additional profit needed to keep the refineries going? I don’t know.
“Not sure I totally agree with the CEO. If I don’t export my production and part of the US needs that fuel, then why can’t it go there?”
Biden is telling them to store the fuel and not sell it, so it won’t be “going there”.
Less fuel going to refineries means they have to partially shut down. Companies have nothing to do with setting the price, it’s set on the world market by competition. That’s what they mean when they say “oil/gas is fungible”. The difference to the energy companies is small, the difference to us as consumer will be noticeable.
It has to do with maximum efficiency of a refinery.
My thoughts as well.
The real issue is that we can both undercut Pooty and his pals AND greatly benefit ourselves & most of the rest of the world by going on a wartime footing to increase gas and oil production globally, and especially here in North America, as much as possible.
Not even HALF the economic cost (ongoing and coming) of the energy sanctions the West slapped on Russia could pay for this effort, and it repays itself in spades.