Lifting the oil export banwillÂ createÂ 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, andÂ 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 ofHouseÂ Republicans who voted to lift the ban in October. TheSenate is preparing to act to lift the ban, but President Barack Obama has threatened tovetoÂ any attempt to do so.
Exporting oil willÂ boost U.S. gross domestic product(GDP) byÂ $38 billion, reduce the trade deficit by $22 billion and add300,000 new jobs by 2020,Â according tostudiesÂ 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 â€œchallengerâ€ nations tomanipulate energy supplies for political and economicinfluence.”Â U.S. oil exports could reduce theinfluence ofÂ unstable petrostates likeÂ Russia, Iran and SaudiArabia.
The Government Accountability OfficeestimatesÂ lifting the export ban will lowerÂ gas prices by up toÂ 13 centsper gallon. American households are expected to save $700Â at the pump this yearÂ dueto low gas prices,Â according to analysisÂ bythe Energy Information Administration.
Low prices at the pumpÂ are enormously beneficial toAmerican householdsÂ who can now useÂ money notspent on gasoline toÂ save more, pay down debt or buy othergoods.Â Cheap gasÂ also helps poor familieswho are moreÂ vulnerable to highenergy prices.
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