• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 2 days Reality catching up with EV forecasts
  • 9 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 4 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 15 days The Federal Reserve and Money...Aspects which are not widely known

Is A U.S. Oil Export Ban “The Stupidest Thing You Could Ever Imagine”?

The idea to restrict or ban exports of U.S. crude oil and liquefied natural gas (LNG) is the “stupidest thing,” ConocoPhillips chief executive officer Ryan Lance said this week as international crude prices and U.S. gasoline prices soar amid the energy market turmoil over Russia’s invasion of Ukraine.

“Well, I’d say it’s probably the stupidest thing you could ever imagine,” the top executive of ConocoPhillips said at the CERAWeek by S&P Global energy conference in Houston on Tuesday, as carried by Natural Gas Intelligence.

According to Lance, the shock to global markets from banning LNG and oil exports out of America would have the opposite effect to reducing domestic energy prices.


The focus of the U.S. industry and officials shouldn’t be on the “short-sighted” short-term impact of the reduced supply of oil from Russia, but rather on the long-term implications of the lack of Russian oil on the market, ConocoPhillips’s CEO said.

Last month, before Putin invaded Ukraine, a group of Democratic Senators urged the U.S. Energy Department to take steps to limit U.S. natural gas exports, the record volume of which leaves Americans with higher energy bills this winter.


“As families across the country continue to face steep residential energy and heating costs, we urge you to take swift action to limit U.S. natural gas exports and examine their impact on domestic energy prices,” the U.S. Senators said in their letter to U.S. Secretary of Energy Jennifer Granholm in early February.

A month, a week, and a war in Europe later, the idea of limiting America’s energy exports is not being discussed. The U.S. Secretary of Energy, Jennifer Granholm, is even urging American producers to pump more oil and gas, in the short term.

“We are on a war footing—an emergency—and we have to responsibly increase short-term supply where we can right now to stabilize the market and to minimize harm to American families. That means releases from strategic reserves across the world, like we’ve done. And that means you producing more right now, where and if you can,” Granholm said at CERAWeek.

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage



Leave a comment
  • Francis Tucker-Manns PhD on March 10 2022 said:
    There are 1000 years of untouchable resources in kerogen shale in the Rockies under government cap. Free the oil industry to produce!

    Climate change? Prove it. The Indian Monsoon has not changed in 208 years.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News