Exxon CEO Warns Biden Administration Against Limiting Fuel Exports

Exxon Mobil Corp. is pushing back against reductions of U.S. fuel exports urged by the Biden administration in August, arguing that restricting shipments would further squeeze global supplies and lift pump prices at home.

Exxon told the Energy Department this week that the oil industry shouldn’t slow fuel shipments in favor of putting more in storage tanks, according to a letter reviewed by The Wall Street Journal. Easing exports wouldn’t fill tanks in the Northeast—a region where U.S. officials said oil companies need to send more supplies—and instead would create a glut in the Gulf Coast that would lead refineries to cut output, according to the letter, which was signed by Exxon Chief Executive Darren Woods.