US fuel exports hit record in boon for oil companies and threat to Trump [Free to read]
https://www.ft.com/content/cfc92825-68f6-4660-89ef-3854b3ead8dc?accessToken=zwAAAZ6Y8-AVkdPPySglaPZGYNOJ7zhUs-rY3AE.MEYCIQD7V9Vl8Y5ncHLdRkHD_QDhzQWrCJ1DW5MDmK0swBZ2fwIhANmQoG0g-KJHOe2NAs75MAZuVpvwOPQOMLge0_nn6owY&segmentId=c50c86e4-586b-23ea-1ac1-7601c9c2476f
Posted by financialtimes
4 Comments
US fuel exports have surged to a record level as Europe and Asia lean on American energy supplies to make up for the shortfalls caused by the war in Iran.
More than 8.2mn barrels a day of refined fuels including gasoline, diesel and jet fuel were shipped from the US overseas last week, an increase of more than 20% on the same period last year.
The surge in overseas purchases is contributing to a windfall for US energy companies, who may earn an additional $60bn of cash flow this year if prices remain elevated.
But it also risks a political backlash for President Donald Trump as domestic pump prices rise, with the average price of petrol reaching a four-year high of $4.53 a gallon.
**Read the full story for free,** [**here**](https://www.ft.com/content/cfc92825-68f6-4660-89ef-3854b3ead8dc?accessToken=zwAAAZ6Y8-AVkdPPySglaPZGYNOJ7zhUs-rY3AE.MEYCIQD7V9Vl8Y5ncHLdRkHD_QDhzQWrCJ1DW5MDmK0swBZ2fwIhANmQoG0g-KJHOe2NAs75MAZuVpvwOPQOMLge0_nn6owY&segmentId=c50c86e4-586b-23ea-1ac1-7601c9c2476f)**.**
Victoria – FT social team
A threat to Trump? He has never faced a consequence in his life and never, ever will.
Gas could be $10/gal and almost everyone would just forget how he kept blathering about record exports and oil company profits (which do absolutely nothing but harm the average US consumer) when he once again successfully changes the subject to the next Scandal of the Week.
Even if we’re lucky enough to have valid midterm elections, he will probably get impeached again but there’s exactly zero chance he’s removed from office.
Sorry if this is overly cynical, I live in Minneapolis and I’m still pissed about ICE.
And all US oil companies are down. Make it make sense.
Tech companies will bail him out they need the juicy Defense contracts plus tesla will IPO soon so i dont see any issue