Washington, D.C. – Two economists are calling on the Obama Administration and lawmakers to lift the current ban on the exportation of U.S.-produced crude oil.
Removing the sanction would boost U.S. trade and economic competitiveness and highlight the need for U.S. trade policy “to reflect the reality of America’s abundant resources,” say economists Dr. Margo Thorning and Dr. William Shughart.
Thorning and Shugart are, respectively, Senior Vice President and Chief Economist at the Logan, Utah-based American Council for Capital Formation (ACCF), and Professor of Economics at Utah State University’s Jon M. Huntsman School of Business and former Federal Trade Commission economist.
“This is an issue whose time has come,” said Thorning. “The momentum for lifting the ban on crude oil exports continues to grow and now is the time for the U.S. to capitalize on its energy advantages. This new project will be a resource for the public and policymakers to get the facts on a critical issue that affects everyone.”
Added Shughart, “Not only will lifting the ban bring substantial economic benefits to the country, but doing so will also advance U.S. and global energy security. The times – and the world – have changed in the decades since the ban was put into place and our energy policies need to catch up.”
Since the export ban was enacted in 1975, the U.S., they said, “has transitioned into a world leader in energy production. The nation’s refined oil – mainly gasoline and diesel – is exported without restriction, yet due to the crude export ban, the country is restricted from exporting its abundant supplies of crude oil.”
Such a restriction, they say, “holds America back from significant economic, geopolitical and price-related benefits.”