With the big increase in American oil and gas production, the U.S. now has the ability to become an energy supplier to the world. Unfortunately, outdated laws are preventing us from accomplishing this. Nicolas Loris of the Heritage Foundation explains in a Washington Times op-ed the many benefits the U.S. would see if these laws were changed.
He points out that one big benefit would be economic:
Expanded exports could provide a huge boon to the American economy, providing jobs and increasing economic growth broadly. Providing other countries with cheaper energy helps in two ways. It lowers the prices of products that the U.S. imports because the businesses could make the products more cheaply. And it promotes economic development in those countries, enabling them to import more American goods.
… Several studies project that lifting the ban would likely decrease gas prices in the U.S. and globally by creating a more efficient distribution system for processing oil. A recent study from the economic consulting firm IHS finds that removing the ban would lower gasoline prices by 8 cents per gallon, saving motorists $265 billion over 15 years.
Exports would also be good for our energy security:
Providing more energy choices to both producers and consumers worldwide will bolster U.S. national security by increasing global energy supplies. It will also reduce the ability of any one nation to use its control of energy resources to threaten U.S. interests.
Read his entire op-ed to see more reasons why our energy laws should be updated to reflect the reality of today’s oil and natural gas development.