STOCKS | Trump Energy Official Says Export Ban Would Not Lower U.S. Fuel Prices

U.S. Interior Secretary Doug Burgum said a ban on fuel or crude exports would not reduce retail oil prices. According to Sina Finance, Burgum made the remarks on Monday on the sidelines of the G20 energy summit in Houston. Retail diesel prices have hit a record above $6 per gallon, while gasoline prices have topped $4 per gallon, prompting speculation that the Trump administration could consider export restrictions ahead of key midterm elections. Industry analysts and market observers remain divided on whether such restrictions could ease pressure on consumers over the long term. Burgum said the administration would consider an export ban only if it believed such a move could lower prices, adding that this was not the case. He and Energy Secretary Chris Wright have publicly opposed such restrictions.