- The Biden administration is considering limiting fuel exports amid soaring prices of gasoline and diesel (BBG)
- Options like waiving anti-smog rules and using the Defense Production Act's emergency wartime powers to "lower costs at the pump" are also being discussed
- The move comes as President Biden last week voiced concerns to US E&P and refining companies about profits, crude production, and refining capacity
- Energy Secretary Jennifer Granholm is set to meet with oil refiners on June 23 to discuss the issue
- The U.S. imposed sanctions on Chinese, Emirati, and Iranian firms that help export Iran’s petrochemicals
- The "petrochemical industry and its products have long been subject to sanctions, but our sales have persisted through numerous channels and shall continue to do so," said Iran's deputy foreign minister adding that the sanctions were ineffective
- The move comes as efforts to revive the 2015 Iran nuclear deal have come to a standstill, and it may put more pressure on Tehran to do so