Want Cheaper Gas? Lift the US Oil Export Ban

From Bloomberg

By Mary Duenwald

As crude oil production surges in the U.S., the question has gained urgency: Should the government lift a 40-year-old ban and allow some of this bounty to be exported?

And the answer is a clear “Yes” — then the oil business could boom to its full potential, with all the job creation and economic stimulus that entails.

The main objection, judging from the Senate hearing on the issue last week, is that unless the U.S. keeps hoarding its oil, Americans will pay more for gasoline, heating oil and jet fuel (via airline ticket prices). This argument is largely based on the price of U.S. crude, now about $10 a barrel lower than the global oil price. U.S. refiners have access to cheaper oil, so that should mean cheaper gasoline for Americans, right?

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