Economist: Export Oil To Create 300k Jobs And $38 Billion

Lifting the oil export banwill create hundreds of thousands of new jobsand billions of dollars according a Friday article by HeritageFoundation economist Nicolas Loris.

“Lifting the ban would generate more jobs for Americans,supply the United States and the world with more affordable energyand provide important geopolitical benefits for Washington and itsallies. Unfortunately, some politicians want to hold thiscommon-sense measure hostage until they get funding for their petprojects.” Loris says, and concludes that“[t]he decision to export crude oil should be decided bythose who produce and sell the oil, not by Washingtonbureaucrats.”

Presently, selling American crude oil to other countries isillegal, despite the best efforts ofHouse Republicans who voted to lift the ban in October. TheSenate is preparing to act to lift the ban, but President Barack Obama has threatened toveto any attempt to do so.

Exporting oil will boost U.S. gross domestic product(GDP) by $38 billion, reduce the trade deficit by $22 billion and add300,000 new jobs by 2020, according tostudies cited by Loris.

However, the benefits Loris cites aren’t only economic, hegoes on to say “[r]emoving restrictions on U.S. crude oilexports would produce important geopolitical advantages for Americaand its allies. It will, for example, reduce the ability of Russiaor other “challenger†nations tomanipulate energy supplies for political and economicinfluence.” U.S. oil exports could reduce theinfluence of unstable petrostates like Russia, Iran and SaudiArabia.

The Government Accountability Officeestimates lifting the export ban will lower gas prices by up to 13 centsper gallon. American households are expected to save $700 at the pump this year dueto low gas prices, according to analysis bythe Energy Information Administration.

Low prices at the pump are enormously beneficial toAmerican households who can now use money notspent on gasoline to save more, pay down debt or buy othergoods. Cheap gas also helps poor familieswho are more vulnerable to highenergy prices.

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