Lift ban on crude oil exports to create, protect U.S. jobs
In 1975, in response to the Arab oil embargo, Congress prohibited the export of domestically produced crude oil. This was done to protect against any future disruptions in supply.
Forty years and a domestic energy renaissance that has transformed global energy markets later, the prohibition on crude oil exports is no longer needed.
According to the Department of Energy, proved crude oil reserves have increased year over year for the past five years, currently standing at 39.9 billion barrels. Crude oil in storage is at 80-year highs, approaching 500 million barrels.
Indeed, America is blessed with plentiful natural resources and has the most robust environmental regulations of any major oil producing country in the world. While some who oppose lifting the ban cite global warming as their reason, President Obama’s science adviser recently stated: “If you’re going to be using oil and gas, it’s better to produce it here than somewhere else. We have by far the strongest environmental and safety oversight of any country.” We agree.
Furthermore, with the International Energy Agency forecasting that global oil demand will reach over 104 million barrels per day in 2040, up from 90 million in 2013, it makes economic and environmental sense for some of these barrels to originate from the United States.
Lifting the ban on crude oil exports will protect and create jobs, spur investment and aid our allies and trading partners.
Producers for American Crude Oil Exports