API's Sommers: Diesel Export Ban Could Raise Gas Prices

American Petroleum Institute President and CEO Mike Sommers warns that restricting US diesel exports could force refiners to cut production, potentially lowering diesel prices temporarily while driving up the cost of gasoline and jet fuel. Responding to criticism from Republican Congressman Tim Burchett of Tennessee that oil companies are taking advantage of consumers, Sommers says refiners operate in a global commodities market and must navigate its "ups and downs," adding that they are "price takers, not price makers." He speaks with Kailey Leinz and Joe Mathieu on Bloomberg's "Balance of Power." (Source: Bloomberg)