President urged to embargo oil from OPEC and Russia.
The decision, in effect for a year, could increase US petrochemical exports to China.
Cut in imports from Iran is cited for reduction.
U.S. refiners warned the Trump administration that tariffs on imports from Mexico could deliver a punishing blow to refiners and raise the cost of gasoline just as the U.S. driving season kicks into high gear, according to sources familiar with the discussions.
Kinder Morgan Inc. will pay a tariff on imported steel used in a $1.75 billion natural gas pipeline project, the U.S. Department of Commerce ruled on May 6.
Refiner’s action signals that risks of importing U.S. crude have lessened.
The United States demanded a cut off of Iranian oil exports to major importers like China and India who had been granted exemptions from sanctions, sending crude prices to six-month highs on fears the U.S. action could lead to a supply crunch.