Increased exports are good for America and the world.
Gasoline costs are tied to a global market; additional crude oil exports could help increase supplies, put downward pressure on the prices at the pump and create more jobs right here at home. Access to customers abroad could drive significant new investment in U.S. production, helping to strengthen our energy security. Now that the U.S. is poised to become the world’s largest oil producer, the economic case for exports is clear.
Harnessing the benefits of America’s energy revolution will require lawmakers and regulators to reexamine policies that were enacted long before the U.S. transitioned from a period of energy scarcity to our current position: one of energy abundance. Today, America is producing over 60 percent more oil than it did in 2008. By 2015, the International Energy Agency predicts the U.S. will surpass Saudi Arabia and Russia to be the world’s top crude oil producer.
As we grow as an exporter, U.S. energy leadership has the potential to bolster America’s allies, expand our geopolitical influence, and strengthen the global energy market against future disruptions.
This is a new era for American energy, but our energy trade policies are stuck in the 1970s. The U.S. and China are the only major oil producers in the world that don’t export a significant amount of crude. It’s time to let free trade unlock more of the benefits of our energy abundance for U.S. consumers and further strengthen our position as a global energy superpower. The first step is lifting our own self-imposed crude export restrictions. We also must work holistically to modernize America’s energy infrastructure and facilitate the efficient flow of resources from producer, to refiner and to customer.