Releasing Petroleum Export Ban Boosts the U.S. Economy

It is reported that the government receipts will be increased by 1 trillion USD in 2030, prices of fuel being stabilized and raises 300 thousand jobs annually, if the Congress releases petroleum export ban which has been carried out for more than 40 years.

 

It is estimated that the prices of gasoline will be descended by 8 cents per gallon after releasing. The reason is that crude will enter into market and depress global prices. From 2016 to 2030, tax revenue related to petroleum will be raised by 1.3 trillion USD. The jobs are raised by 340 thousand annually and will reach to 96.4 hundred thousand.

 

The right for releasing petroleum export ban is held by the U.S. Congress. In 1973, Arab carried out oil embargo causing the panic about prices for petroleum and the fear of oil depletion in the U.S. For that, the Congress legislated to forbid petroleum export. In recent years, with the application of directional drilling and hydraulic fracturing techniques, the output of petroleum is raised highly. The U.S. has exceeded Saudi Arab and Russia, becoming the largest crude producer in the world. The fear of oil supply does not exist any more.

 

However, legal proposal about releasing petroleum export has not been put forward yet. No councilor will put forward before mid election held in November 4. Proponents will reassure the councilors form states in northeast. Oil refineries in northeast are processing crude from Bakken, North Nakota and acquiring profit currently.  

 

Russian merger Crimea and the economic profit brought by releasing petroleum export ban start to cause concern from councilors. Otherwise, for the possibility of Russia cutting supply to Europe caused by the conflict between Russia and Ukraine, many lawmakers appeal to release petroleum export ban as soon as possible.