CBO report says consumers would benefit from repeal of crude oil export ban

Producers for American Crude Oil Exports

George Baker, executive director of the Producers for American Crude Oil Exports (PACE) coalition, has commented in response to a new report by the non-partisan Congressional Budget Office (CBO), which concludes that American consumers would benefit from repeal of the crude oil export ban.

“The Congressional Budget Office now joins a long list of independent and government analysts who have concluded that repealing the crude oil export ban will benefit American consumers by lowering gasoline prices,” Baker said. “This conclusion, also drawn by, among others, the Brookings Institution and the Government Accountability Office (GAO), merely reflects the reality of how US gasoline prices are determined. As the US Energy Information Administration (EIA) has shown, they are determined by supply and demand in global crude oil markets. Repeal of the ban will encourage more US production, adding to global oil supplies, which will help apply downward pressure on gasoline prices.

“As the conversation about exports progresses in Congress, we hope policymakers will consider the expert and complimentary conclusions of the CBO, GAO, and EIA studies, demonstrating how repealing the crude oil export ban will help consumers at the pump, as well as workers and the overall US economy, as it will create and protect jobs, spark innovation, strengthen national security, and allow domestic oil and gas producers to compete in the global marketplace.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...