Here’s how a ban on U.S. oil exports would backfire, according to Goldman Sachs

The Biden administration is under pressure to supplement a U.S.-led release of strategic oil reserves by reinstating a ban on crude exports. But that would likely backfire, warned analysts at Goldman Sachs.

The analysts, in a Tuesday note, argued that the release of crude reserves was also likely to prove ineffective, reiterating its view “that such government intervention is not the solution to higher oil prices that are required to overcome the slow supply response…

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