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Winston Churchill is famously said to have said—who knows if he actually did—that Americans will do the right thing after exhausting every possibility. Alas, the Biden Administration seems intent on exhausting every bad policy to reduce gasoline prices. Its new brainstorm is a ban on refinery exports.
The White House called in oil executives for a meeting to discuss Hurricane Fiona recently—then accused them of reaping windfall profits and threatened an export ban. In August Energy Secretary Jennifer Granholm sent a letter to refiners threatening “emergency measures” if they didn’t reduce exports. The risk that the Administration follows through on its threats has grown since OPEC+’s production cuts this week, even though it would be counterproductive.
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