Burgum Dismisses US Oil Export Curbs as ‘Bad on All Accounts’

Trump administration officials are holding firm against restricting American oil and gasoline exports, even as worries grow about dwindling domestic stockpiles with the world leaning on US crude to fill a shortfall caused by the war in Iran.

“Economically, geopolitically and for affordability, it’s kind of bad on all accounts,” US Interior Secretary Doug Burgum said in an interview.

Exports of US crude and refined fuel have soared during the conflict, providing a lifeline for a global oil market desperate for barrels. The effective closure of the Strait of Hormuz has hemmed in millions of barrels of oil each day, ...