U.S. not planning to curb petroleum product exports: Granholm
The United States is not currently considering bans or restrictions on petroleum product exports, US Energy Secretary Jennifer Granholm said Friday.
With WTI falling below $80 a barrel earlier Friday morning, the pressure for such moves is easing, even as commodity inventories in the United States continue to fall.
Total motor gasoline inventories in the United States fell another 1.6 million barrels in the week ending September 16 and are now 5% below the five-year average for this time of year. . Distillate inventories, which include diesel fuel, rose during the week but are 18% below the five-year average.
Gasoline prices have trended lower in recent months, although the national average for a gallon of regular gas rose Friday to $3.689, according to AAA, from $3.684 Thursday.
Last month, the Energy Secretary warned U.S. refiners that if they failed to build inventories of crude petroleum products, the government would be forced to employ emergency measures or additional federal requirements to make facing fuel exports, with gasoline and distillate inventories at low levels in the northeast. Region. Meanwhile, US exports of refined products were exceptionally high.
These emergency actions could be avoided, Granholm explained, by prioritizing a buildup of refined product inventories, which could only be achieved by refiners self-regulating the amount of product supplied to buyers outside the United States. .
Since then, total US gasoline inventories have actually fallen by a million barrels. Distillate inventories, on the other hand, rose by 5.7 million barrels, according to an Oilprice analysis of EIA Weekly Petroleum Status inventory data.
Despite falling gasoline stocks, Granholm said there are no current plans to use these emergency measures.
“Restrictions are not being considered at this time,” Granholm said.
By Julianne Geiger for Oilprice.com
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