Rhetoric aimed at curtailing oil exports or introducing a windfall proots tax is likely just that-rhetoric. This is the message being conveyed by several independent downstream companies, including Valero Energy, PBF Energy, Marathon Petroleum and Phillips 66. During their respective third-quarter earnings presentations, executives for Marathon and Phillips 66 said they were skeptical that criticism and discussions of policies targeting the oil and gas industry in Washington would amount to anything material.Rather, they said that despite the rhetoric, discussions between the Biden administration and oil companies have been constructive and that much of Washington's ire is merely political posturing.
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