Hoeven: Highway bill can help lift crude oil export ban

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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.

When taken together, they make a powerful case for allowing our producers to market their product on the world market. Doing so would enhance domestic production, increase the global supply of crude oil, grow our economy, create good-paying jobs for our people and make our nation more secure. Let’s look at the benefits one by one:

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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