Fox News | Thursday, September 10, 2015
The vote Thursday by the U.S. House subcommittee on Energy and Power to repeal the now outdated ban on crude oil exports benefits every American. Repealing this prohibition will help revive our economy and protect our country’s security.
The energy landscape in the world has radically changed within the last few years because of surging production of oil and natural gas in the United States. Unimaginable a few years ago, the U.S. became the world’s largest producer of petroleum and related liquid fuels in 2013. More than three-fourths of the increased global oil production is now from domestic oil fields.. And our imports of oil have decreased by roughly 60 percent since 2007
This sea change is the achievement of a mix of innovative technologies, known as hydraulic fracturing, applied by small and independent oil companies in multiple states. The shale revolution has been so successful that it has produced a surplus of crude oil.
Vance Ginn, Ph.D., is an economist in the Center for Fiscal Policy at the Texas Public Policy Foundation, a non-profit, free-market research institute based in Austin.