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Export bans of politically sensitive commodities are not that uncommon. For example, India banned onion exports this year [1] & the US has restricted oil expor
by spacebanana7 3y ago
Export bans of politically sensitive commodities are not that uncommon.
For example, India banned onion exports this year [1] & the US has restricted oil exports before. [2]
Moreover, without officially banning exports a similar result can be achieved by mixing exports taxes with consumption subsidies.
If international oil prices got too high, like over $200, the political pressure for an oil export ban / restriction than made domestic prices $50-$100 would be hard for congress to tolerate.
[1] https://www.reuters.com/world/asia-pacific/asia-feels-sting-indias-onion-export-ban-2023-12-20/ https://www.reuters.com/world/asia-pacific/asia-feels-sting-...
[2] https://ballotpedia.org/Crude_oil_export_ban#:~:text=The%20crude%20oil%20export%20ban,and%20lifted%20in%20December%202015 https://ballotpedia.org/Crude_oil_export_ban#:~:text=The%20c....