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American Oil Can Help Stabilize the World

There are many reasons to lift the crude oil export ban. Oil exports will create jobs, reduce the U.S. trade deficit, and lower prices for consumers.

In The Hill, Guy Caruso explains that allowing America to export oil will also benefit our allies around the world: 

Japan, South Korea, and Taiwan are each more than 90 percent dependent on energy imports according to recent paper by the American Council for Capital Formation. These important allies would have little choice but to consider Iranian oil imports to meet their domestic energy needs if the United States refuses to export its abundant supplies of crude oil. By allowing U.S. energy exports, we can step up as a global energy leader to better support and protect our allies while at the same time strengthening our own economic security.

America’s success is structured on the principles of free trade and individual opportunity. Those values are the strongest tool we have to carry our message of hope to people around the world. We should not be afraid to leverage our physical resources to demonstrate such ideals. In doing so, we will offer a helping hand to our allies – all while creating opportunity here at home.

If American crude is allowed to be sold on the world market, it will reduce the strength of unfriendly nations such as Iran and Russia. Banning American oil exports only helps these nations and their leaders exert pressure on our allies around the world.

Lifting the oil export ban is good for America. It’s also good for the world. Congress needs to repeal the export ban, and we need to speak up and tell them that.

Crude exports could lower U.S. fuel prices

Like so many newspapers across the U.S., the Washington Times recently published an editorial that supports lifting the 40-year old ban on American crude oil exports. In his op-ed, Justin Sykes – who is a Federal Affairs Manager at Americans for Tax Reform – discusses the many different benefits of exporting crude, including the effect it could have on retail fuel prices:

Contrary to the claims of opponents, countless studies show lifting the export ban would reduce domestic gas prices and fuel an economic boom across the country, impacting all states, and not just producers. The primary argument from those opposed is U.S. gas prices would increase. However, this contention is unfounded and, in fact, a new study from the Obama administration agrees.

The study released this month by the U.S. Energy Information Administration (EIA) found that in the United States, “gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude oil exports.” As the EIA points out, U.S. gas prices are largely set by global oil prices. If the ban were lifted, U.S. exports would increase global supply, which would drive down global prices. As global prices drop, this “in turn results in lower petroleum product prices for U.S. consumers,” the study concludes.

Most experts agree that allowing crude oil exports would spur domestic economic growth – including investment and reduced trade deficit. Lifting the ban on American crude exports could also save consumers $5.8 billion each year and would create jobs here at home

If you’d like to see the crude oil export ban lifted, click here to send that message to your representatives in Congress.


Oil Exports Vital to our Nation

In 1975, President Ford approved legislation that banned the U.S. from exporting crude oil. A lot has changed since then, but this ban is still in place. It’s time that Congress recognizes that we live in a different time than we did in the mid-1970s.

Sen. John Cornyn of Texas is helping lead the charge in the fight to lift the ban on American crude oil exports. Sen. Cornyn recently released an op-ed explaining why crude exports make sense in today’s world of surging oil production: 

All of our supply cannot be absorbed domestically. In order to keep production going, and our economy growing, energy producers need access to the global market. With production of domestic oil and gas projected to continue growing over the coming years, now is the time for Congress to lift the crude oil export ban. In so doing we can strengthen our economy and enhance our strategic standing around the world.

Lifting the ban is a commonsense way to kick-start the U.S. economy. Many think the ban only limits our domestic energy companies and those they employ, but this simply isn’t the case. One study estimated that every new production job in the oil field translates to three additional jobs in the supply chain — and another six in the broader economy. All in all, lifting the ban could lead to the creation of more than 800,000 jobs.

Read the rest of his op-ed here. Share it with your friends. Let them know why the oil export ban should be lifted. It’s not 1975 any longer. Our energy policy should reflect the reality of today’s energy market, not the thinking of the 1970s. And remember to tell your members of Congress that now is the time to end this outdated ban on American crude exports.

Failed 40-year old restrictions on crude exports continue to disappoint

Writing in, George Mason University economics professor Donald J. Boudreaux asks a question on everyone’s minds lately:

If unfettered commerce in oil is fine for Iran, then why not for America?

He is referring to the recent nuclear arms deal negotiated between the Obama Administration and the government of Iran that would lift sanctions on their ability to export crude oil, while U.S. energy companies continue to be denied that opportunity by a ban signed into law during President Gerald Ford’s administration. 

Professor Boudreaux’s op-ed, Lift U.S. ban on oil exports, is worth reading.  Especially now, as bipartisan legislation has been introduced in Congress that would finally rescind crude export restrictions. 

One of the facets of this issue Professor Boudreaux addresses is the mistaken conception that exporting crude would increase fuel prices. He says:

As the supply of crude and the capacity to refine it increase, the price of everything from gasoline to heating oil and diesel will fall significantly. A report from ICS International estimates that U.S. consumers would save $5.8 billion by 2035 thanks to falling prices if the export ban ends.

He also points to a study that indicates repealing the ban would trigger the average annual creation of nearly 400,000 new jobs and increase U.S. GDP by $134 billion in 2018 alone.

Many Americans want to see the ban lifted.  Tell your members of Congress that it’s time to lift the outdated crude oil exports ban.

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