The evidence is clear: lifting the crude oil export ban is good for our economy. But what about the other benefits it could bring?
Just consider how crude oil exports could boost our national security. Two experts in this field— a former Secretary of Defense and CIA Director, Leon Panetta, and a former National Security Advisor, Stephen Hadley—wrote an insightful op-ed for the Wall Street Journal that explains the global implications of lifting the crude oil export ban.
They use the example of Russia to illustrate their point:
Fourteen NATO countries buy 15% or more of their oil from Russia, with several countries in Eastern and Central Europe exceeding 50%. Russia is the sole or predominant source of natural gas for several European countries including Finland, Slovakia, Bulgaria, and the Baltic states. Europe as a whole relies on Russia for more than a quarter of its natural gas. This situation leaves Europe vulnerable to Kremlin coercion.
What’s their solution? “The U.S. can provide friends and allies with a stable alternative to threats of supply disruption. This is a strategic imperative as well as a matter of economic self-interest.”
Read the rest of their op-ed to get an even better picture of how our global leadership will be enhanced by eliminating the oil export ban. It’s time for Congress to lift the ban.