Trump’s Failure to Restrict Record Oil Exports is Costing American Families at the Pump
Gas prices are surging, but America continues to export record setting levels of fossil fuels
WASHINGTON — Last week, U.S. oil and refined product exports hit an all-time high of 14.2 million barrels per day—with a whopping 6.4 million barrels per day of that total crude oil. The result: tighter domestic markets and higher prices. While oil and refined product exports shattered all records last week, U.S. oil inventories cratered by over 24 million barrels, for one of the largest weekly declines in history. Record exports are currently coming at the expense of a domestic supply buffer, creating a tighter market that increases prices for American motorists.
Skyrocketing gasoline prices have hit $4.483/gallon—up over 30 cents a gallon from a week ago. Diesel prices are now up to $5.659/gallon.
In March, inflation measured by the core Personal Consumption Expenditures price index rose 3.5%, the highest rate since November 2023. Fifty-five percent of Americans reported to Gallup their personal financial situation was getting worse, a record high in the 25-year history of that survey.
In response, Tyson Slocum, director of Public Citizen’s Energy Program, issued the following statement:
“The Trump Administration’s catastrophic intelligence, operational, and strategic failure to anticipate the consequences of the closure of the Strait of Hormuz is driving up the cost of everything for Americans. While U.S. energy exports play a role in filling global gaps caused by Trump’s reckless foreign policy, their unregulated flows are dictated by oil companies’ desire to earn fatter profits, not to protect American households.
“Congress anticipated an oil export-driven energy crisis and gave the President the power to protect American consumers from the sky-rocketing domestic price impacts of oil exports.
“Within hours of taking the oath of office, Trump invoked a national energy emergency, but his administration has only used those powers to attack renewables, force consumers to pay for unneeded coal power plants, and subvert electric vehicles. Subjecting oil, gasoline and diesel exports to regulation is necessary to protect American consumers from oil company price gouging.”
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