America’s allies in Europe are desperate for alternative supplies of fuel amid the Ukraine war, and U.S. producers are happy to provide what they can. So wouldn’t you know the Biden Administration now wants to limit fuel exports.
That’s the message Energy Secretary Jennifer Granholm sent last week in a letter imploring seven major refiners to limit fuel exports. We obtained a copy of the letter, which the Administration didn’t release publicly. Ms. Granholm warns that gasoline inventories on the East Coast are at a near-decade low, and diesel stocks are nearly 50% below the five-year average across the region.