The Hill | Monday, November 2, 2015 | Thomas Fletcher
Since the 1970’s the United States has placed a ban on exporting crude oil. Enacted during an era of oil shocks and energy shortages nearly a half-century ago, the ban makes little sense in today’s rapidly changing world. Moreover, given America’s status as one of the world’s leading producers of crude oil thanks to innovation in the energy sector, this antiquated, big government ban only hinders the growth of America’s energy potential.
Thankfully we’re seeing movement on Capitol Hill to do just that. This past month, the House voted 261-159 on legislation that would repeal the ban on crude oil exports. Democrats and Republicans joined together and voted to end the policy that has restricted America’s energy sector for far too long. Now it is the Senate’s turn to pass common-sense legislation that has united lawmakers, the private sector, academics and taxpayers.
Junking this obsolete policy would be a boon to economic growth and job creators. The current export ban prevents further growth and participation in the global energy market. Countless studies from non-partisan think tanks like the American Enterprise Institute and Brookings Institution all conclude that the outdated status quo is, well, outdated.. NERA economic consulting highlighted that repeal could inject between $200 billion and $1.8 trillion into the economy and unemployment could drop by at least 200,000 between 2015 and 2020. Getting rid of the ban represents a good step in ensuring America’s energy leadership in the world.
Read the full editorial here
Thomas Fletcher is a policy analyst at Americans for Prosperity.