Over the past several months, many great minds have debated the economic impact of lifting the crude export ban. Here are some of major findings from five different studies, each conducted by a separate organization. While they all have their individual focuses and conclusions, the overarching messaging is consistent: Rescinding the ban would be a socioeconomic boon to the nation.
- Navigating the US Oil Export Debate
Center on Global Energy Policy (Released January 16, 2015)
Removing current crude oil export constraints could prevent a slowdown US oil production growth by allowing domestic producers to compete in global markets and lessening the impact of our domestic light crude refining capacity shortage. As a result, the US could see an increase in crude production of up to 1.2 million barrels per day between now and 2025. These elements would increase our integration into the global energy market, strengthening the nation’s resiliency to international supply disruptions and creating greater US diplomatic leverage as we solidify our current crude trade relationships and forge strong ties with new trade partners.
- Changing Markets: Economic Opportunities from Lifting the US Ban on Crude Oil Exports
The Brookings Institution (Released September 9, 2014)
The US will inevitably benefit across the board if the crude oil export ban is lifted – from overall economic growth and trade to wages and employment. By rescinding the current crude export restrictions this year, we could be looking at a .4% increase in GDP for 2015, along with reduced unemployment at an average annual reduction of 200,000 jobs through 2020. In addition to strengthening our domestic economy, we have the opportunity to play the part of international energy role model: We have encouraged the world to open its doors to free trade for more than half a century, and our seeming unwillingness to follow suit could serve as an isolationist barrier to our foreign relations.