Jack Gerard letter to Congress in support of lifting the crude oil export ban (December 16, 2015)Extensive research has determined that lifting the ban on U.S. crude oil exports would create American jobs, bolster the U.S. economy, and benefit consumers. According to various studies, lifting the ban would create one million jobs at its peak in 2018, and add $38 billion to our economy, and lower our trade deficit by $22 billion and our federal budget deficit by $1.4 billion in the coming years. And every major study agrees – crude oil exports would put downward pressure on U.S. gasoline prices, benefiting American consumers.
Allowing U.S. crude oil to compete in the global market would also help our allies around the world who are eager to reduce their reliance on less friendly nations. For example, lifting the ban would allow U.S. producers to compete with Iran which will soon increase its oil exports as a result of recent policy changes. Updating the crude export policy provides an opportunity to show our allies and all nations how a democracy uses energy and pro-energy public policies to the world’s benefit.
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