Energy Secretary Chris Wright and Interior Secretary Doug Burgum separately issued consistent statements on Thursday (March 19), stating that the government has no plans to restrict oil and gas exports as a wartime emergency measure to combat soaring fuel prices before resuming commercial shipping in the Strait of Hormuz.
In a statement released on the X platform, Wright and Burgum stated, “Under President Trump’s leadership, the United States has become the world’s largest producer of oil and gas. We are not only the largest global exporter of natural gas, but also a major oil exporter. It is clear: the Trump administration has no plans to restrict oil and natural gas exports.”
Previously, Wright had been questioned multiple times about related issues and repeatedly denied rumors that the government was considering a ban on oil and gas exports. In a March 9 Reuters report, he also stated that the U.S. was not considering using export restrictions on energy to stabilize prices.
The U.S. Congress implemented a ban on oil and gas exports after the 1975 Arab oil embargo, which was only lifted in December 2015. At that time, hydraulic fracturing technology sparked the “Shale Revolution,” making the extraction of oil, especially natural gas, much easier.
Since the United States and Iran launched “Operation Epic Fury” on February 28, global oil prices have skyrocketed. The price of West Texas Intermediate (WTI) crude oil was around $73 per barrel before the conflict, but by 6 p.m. on March 19, it had surged to $96 per barrel.
According to data from the American Automobile Association (AAA), the median price of gasoline in the U.S. has risen by up to 90 cents per gallon since February 28, from $2.98 to $3.88 on March 19.
Due to threats of attacks on oil tankers by Iran, shipping in the Strait of Hormuz has been disrupted, and Iran has launched attacks on the energy infrastructure of Persian Gulf countries. Prices of global oil, natural gas, oil derivatives (such as fertilizer), diesel, and key chemicals continue to rise and show no signs of slowing down.
Mohammad Darwazah, a senior Middle East analyst at London consulting firm Medley Global Advisors, warned of potential “unintended consequences” if the U.S. were to suddenly ban crude oil exports. Darwazah stated in an interview with Mark W. Menezes, President and CEO of the U.S. Energy Association, on Wednesday that the current situation has sparked ongoing “speculation and rumors,” suggesting that President Trump may impose a ban on oil exports to curb domestic fuel costs before resolving the conflict.
He cautioned that such a move “could lead to significant unintended consequences.”
Darwazah pointed out, “If the U.S. suddenly prohibits crude oil exports, approximately 4 million barrels of oil per day would remain domestically, leading to a rapid collapse in domestic prices. Producers would then begin to shut down capacity because they would prefer to halt production rather than sell forcefully in a market where prices are artificially suppressed.”