XLE - Senate Democrats propose reinstating the crude oil export ban

In a letter to the President Thursday, four Democrat Senators urged Biden to utilize "the full range of authorities at your disposal, including those under the National Emergencies Act and the Defense Production Act. This includes your authority to limit oil exports under 42 U.S.S. 6212a." The US oil (USO) export ban was in place for ~40yrs, following OPEC's first embargo, only to be lifted in 2015. The letter included a curious line, stating the US should "preserve petroleum supplies for the US and our allies" -- perhaps indicating unease that the strategic reserve release has made the US less secure, without the intended benefit of lowering fuel prices. The US has released strategic reserves at record rates in hopes the crude oil would be refined into product and sold to consumers at reduced prices; however, for each barrel that the President has sold into global markets, China has purchased a barrel

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Senate Democrats propose reinstating the crude oil export ban