U.S. crude can be exported only if the federal government deems the shipments consistent with the national interest. That vague legal standard has in effect made it impossible for oil producers to export crude, except a small amount sent to Canada, although exports of gasoline and other refined products have been soaring lately.Release the krakens!
Like free trade in general, selling American oil overseas would be good for our economy. It would make the oil market more efficient, encourage a build-out of the U.S. energy network and stabilize prices over time for consumers.
This is no small matter: By some estimates, drillers could be generating billions of dollars in annual revenues from exports within a few years if the ban were lifted. That additional business would translate into job creation as the oil industry invested in refineries and transportation networks to handle the light, high-quality crude being produced domestically.
Monday, December 30, 2013
Ease Our Pain
Export, baby, export: