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Clinton Demands “Concessions” To Lift Oil Export Ban

- October 11, 2015

Clinton Wants To Hold Captive The Ban On Crude Oil Exports For "Concessions" From The Energy Industry. "Democratic presidential candidate Hillary Clinton said on Friday she would support lifting the 40-year-old U.S. ban on crude exports only if the measure included concessions from the oil and gas industry to move toward cleaner energy. Clinton said she had not yet seen any legislation on lifting the ban that included concessions from the fossil fuel industry, In the absence of that, 'I don't think the ban should be lifted,' Clinton told reporters." (Amanda Becker and Timothy Gardner, "Clinton Would Support End To Oil Export Ban Only With Concessions," Reuters, 9/18/15)

Obama And Congressional Democrats Support Lifting The Ban On Crude Oil Exports

Democrat Leadership And Obama Recently Announced Its Support For A Bill That Would Lift The 40 Year Old Crude Oil Export Ban. "The House Democratic leader, Nancy Pelosi, joined the White House in announcing support for a $1.1 trillion spending plan that would avert a U.S. government shutdown and lift the 40-year-old ban on crude oil exports." (Billy House, Kathleen Miller and Erik Wasson, "Pelosi, White House Support Plan Allowing U.S. Crude Oil Exports,"Bloomberg , 12/17/15)

Earlier This Week, Congressional Democrats Joined Republicans To Lift The Ban On Crude Oil Exports. "Congress passed a $1.1 trillion spending measure that averts a U.S. government shutdown and ends a 40-year-old ban on crude oil exports, a plan that ensures fiscal peace in Congress through most of 2016. The Senate passed the bill 65-33 on Friday, shortly after a 316-113 House vote. The legislation, which will finance the government through September 2016, goes to President Barack Obama, who plans to sign it." (Billy House and Erik Wasson, "Congress Passes U.S. Spending Bill To End Oil Export Ban,"Bloomberg , 12/18/15)

Lifting The Ban Would Benefit The Country

Obama's U.S. Energy Information Administration Said Lifting The Ban Would At Worst Leave Gasoline Prices Unchanged And Could Actually Lower Prices At The Pump. "Petroleum product prices in the United States, including gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude oil exports. As shown in a previous EIA report (What Drives U.S. Gasoline Prices?, October 2014) petroleum product prices throughout the United States have a much stronger relationship to Brent prices than to WTI prices. In the high production cases considered in this study (HOGR and HOGR/LP), the elimination of current restrictions on crude oil exports narrows the Brent-WTI spread by raising the WTI price. As domestic producers respond to the higher WTI price with higher production, the global supply/demand balance becomes looser unless increased domestic production is fully offset by production cuts elsewhere. The looser balance implies lower Brent prices, which in turn results in lower petroleum product prices for U.S. consumers." ("Effects Of removing Restrictions On U.S. Crude Oil Exports," U.S. Energy Information Administration, September 2015)

According IHS, Which Monitors Trends In The Oil And Gas Industry, Lifting The Export Ban Would Support Nearly 1 Million Jobs, Increase Household Income By $391, Increase GDP By $135 Billion, And Reduce Oil Imports By $67 Billion Per Year. "The higher US oil production resulting from a lifting of the ban will create at its peak 1 million jobs, increase GDP by $135 billion, and increase per household income by $391. The nation's oil import bill is reduced by $67 billion per year, a 30% reduction from the 2013 level." (Daniel Yergen, Kurt Barrow, James Fallon, Et Al, "US Crude Oil Export Decision," IHS, 2014)

According To The Left-Leaning Brookings Institute, Lifting The Export Ban Would "Boost U.S. Economic Growth, Wages, Employment, Trade, And Overall Welfare." "Lifting the ban on crude oil exports from the United States will boost U.S. economic growth, wages, employment, trade, and overall welfare. For example, the present discounted value of GDP in the high resource case increases through 2039 is between $600 billion and $1.8 trillion, depending on how soon and how completely the ban is lifted." (Charles Ebinger, "Changing markets: Economic Opportunities From Lifting The U.S. Ban On Crude Oil Exports," The Brookings Institute , 9/9/14)


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