Chevron CEO Mike Wirth warned the White House that a potential ban on U.S. diesel exports would be an unwise policy. He said it would remove supply from an already tight global market and could worsen the fuel crunch.
Wirth cautioned that export restrictions could weaken the United States’ reputation as a reliable energy supplier to international allies, especially during a crisis. He also said a ban might not lower prices for American consumers and could instead raise them in some domestic regions.
His comments come as global fuel inventories are described as seriously low.