The Dickinson Press | Friday, November 6, 2015 | Sen. John Hoeven
Washington, D.C.– Lifting the U.S. ban on crude oil exports is a smart move that will benefit not only North Dakota, but also our nation and our allies. That’s why I am working to include legislation lifting the ban in the new highway bill that Congress is on track to pass shortly. It is must-pass legislation, which means it will be hard for the president to veto, and the benefits of allowing crude oil exports are multiple.
- First and foremost, crude oil exports will benefit American consumers. The price of oil is based on supply and demand — the more oil on the market, the lower the price. The volatility in the global price of crude oil is felt right down to the consumer level. More global supply means lower prices for gasoline and other fuels and more money in consumers’ pockets. Those facts are backed up by studies at both the U.S. Energy Information Administration and the nonpartisan Brookings Institute.
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