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that tool. biden could take a more extreme step, he could ban oil ex sports, but experts are saying to me that that could backfire because oil is a globally traded commodity, and gas prices are actually set by world prices. so if you limit u.s. supply, that would drive prices at the pump higher. jim and bianna, presidents don t have magic wasn t to lower gas prices. if they did, they would use them. yeah, and it s one of the reasons why the administration had been trying to pressure opec to increase production as well over the past few months. they did do that, but clearly not to the level where consumers are starting to feel the relief they much need. matt egan, as always, thank you. well, the upcoming midterm elections are not far away, and could have major implications for the future of the gop. how the ripple effects could lift former president trump back to a run in 2024, perhaps to the white house. that s coming up.
release from emergency stockpiles. total size of the release could be 50 million to 60 million barrels and the goal is to cushion the shock to energy market. prices at the pump, $3.62 a gallon nationally, up 9 cents in a week, 24 cents in a month. ceo of chevron said this kind of a move could help in the short-term. emphasis though on short-term because there s a finite amount of barrels in strategic reserves and some context, 60 million barrels, a lot but barely half of what the world consumes every day. gets you to lunchtime. markets are not all that impressed here. u.s. oil prices up 9% as we speak, above $104 a barrel for the first time since 2014 and that is only going to drive prices at the pump higher. there s also, you know, we see these other companies, big companies pulling out of how they deal with russia here. but i know there is a lot of concern too about how putin may
companies to allow an ultra light crude oil that can make gasoline, jet fuel and diesel. it s warned that it will make prices at the pump higher. joining me now is allison who is covering this story. read your article. thanks for joining me. can you give viewers who don t know the background on why crude oil experts were banned in the first place? sure. crude oil exports for restricted in the 1970s, as a result of the arab oil embargo. and concerns about supplies in the u.s. there are some exceptions, like exports are allowed to canada. but by and large, crude oil cannot be exported, except after it s been refined into a product like gasoline or diesel. do gas prices rise if the u.s. opens up the export ban? well, i think that s up for some debate. the oil that is being considered for export right now is a very
cthe senate set the vote on the bill to kill oil tax breaks. will that send prices in the pump higher? what do you say? why are they demonizing oil companies. do they get pay back over 40 percent back in taxes to the united states of america? do they understand the subsidies have nothing to do with the prices of the day. when are they waking up? we have a supply issue and middle east issue. john layfield, you wanted an energy policy and you just got one. we decided to demonize the oil companies . raise the taxes and close the loop holes and accounts for 2.4 billion a year . this doesn t pay off the national debt and it is a hyg taking point. and tax breaks. this does nothing for the