Americans for Tax Reform today expressed support for efforts undertaken by lawmakers to lift the decades old ban on crude oil exports.
The ban on the export of crude oil is a relic of 1970’s policy, put in place over concerns of domestic energy scarcity. Nearly four decades later domestic production is at an all time high and the U.S. is now one of the world’s leading producers of oil and natural gas. In fact, production in a number of individual states is outpacing some of the world’s top energy-producing nations.
Experts agree allowing the export of U.S. crude would lead to growth in the energy sector, the benefits of which would ripple throughout the economy. Studies show lifting the ban would add hundreds of thousands of jobs annually and billions to GDP while also reducing domestic gas prices.
Lawmakers this week realized the benefits lifting the ban would offer to the U.S. economy and American consumers by acting to lift the out-dated ban on the export of crude oil through a provision in the end of year spending bill.
Photo credit: Let ideas compete