> My understanding is that the US President (currently Biden) can unilaterally ban oil exports and that this would immediately drop US oil prices to $70-80/barr

> My understanding is that the US President (currently Biden) can unilaterally ban oil exports and that this would immediately drop US oil prices to $70-80/barrel and spike global oil prices by 30%+. I wonder how bad domestic gas prices would need to be before this happens because it definitely feels like it would be a permanent nail in the coffin of energy globalization. There is a big problem with banning US oil exports. Oil is priced in US dollars and this only works if the US continues to be a global political player. If the US stops exports, the price of oil in dollars will rise so much that most other countries will have no choice but to start importing from Russia again - and in a currency that is not US dollars. Overnight, the US will experience rapid inflation due to all the printed dollars losing value for the rest of the world.