Trump: There is no need to restrict U.S. oil exports

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Golden Finance reports that on May 8th, U.S. President Donald Trump stated that there is no need to restrict the export of U.S. oil or aviation fuel. “We don’t need them,” Trump told reporters in Washington on Thursday. “And we have a lot of oil.” The blockage of the Strait of Hormuz, a key shipping route, has significantly increased U.S. energy exports, allowing the U.S. to surpass Saudi Arabia and become the world’s largest crude oil exporter. However, experts have also warned that America’s supply buffer capacity is nearing its limit, and it is currently unclear how long exports at this level can be sustained. But Trump dismissed these concerns and praised the surge in export volume. He said, “Ships are turning around from their usual routes to the Strait of Hormuz,” he said, “hundreds of ships are heading to Texas, Louisiana, and Alaska, loading up with goods and returning home, making a fortune.” (East New Agency)

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