Biden's latest scheme to lower gas prices will backfire spectacularly

This isn’t the Biden administration’s first flirtation with restricting gas exports. The idea is simple: By preventing companies from selling overseas, we’d have more here domestically and, hopefully, lower prices.

But the economy’s actual workings aren’t so simple. Industry executives and detached experts alike have explained why this move would likely backfire — spectacularly.

“Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices, and alienate U.S. allies during a time of war,” oil industry insiders warned in a letter to the Biden administration this week.

You don’t have to take their word for it.