WTI Crude Just Plunged Back To Unchanged After White House Un-Supports Lifting Crude Export Ban
Well that escalated quickly... WTI back to a $43 handle again as The White House comments that it does not support The House bill to lift a ban on crude exports. Reuters reports that The White House says The Commerce Department should make the policy decision.
House Majority Leader Kevin McCarthy to announce that he’ll schedule
vote on bill to lift U.S. crude-export ban in last week of Sept.: WSJ.
The comment sparked selling in WTI (as Brent-WTI hit an 8-month tight)
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Risk on and consumers are screwed if our oil is used for export when years after years we were told we were dependent on foreign oil and shouldn't be.