Will Obama Lift The Ban On Exporting Crude Oil?
With the US producing close to 70% more crude oil than it did just 6 years ago, it makes sense for the Obama administration to look into lifting the ban on the exportation of crude oil.
The ban, implemented in 1975, does not reflect the current capacity of the United States to produce crude oil. Aside from the increased production and the limited local market (US refineries are not fitted to process the kind of oil drilled in the US and the local consumption of oil has also declined), research suggests that exporting crude oil will cause prices in the US to drop, benefiting consumers.
The exportation of crude oil will also result in more jobs in the oil industry because drillers will ramp up production if they could sell to the international market. And while the prices of fuel will not drop dramatically, the US will still benefit significantly from the jobs created.
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Terry Smeader
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