Opening the gate to oil exports would stimulate the economy and create jobs

September 26, 2015

Washington - In the debate over the current ban on exporting crude oil from the United States, both sides agree that the energy universe has changed dramatically since the restriction was imposed in the 1970s to husband the nation's energy resources in a time of Middle East embargoes and supply shortages.

Advocates for repealing the ban, who include the big oil companies and nearly the entire Louisiana congressional delegation, argue that the dramatic increase in U.S. oil production, tied to the development of horizontal drilling and the expanded use of hydraulic fracturing, has transformed the country from a supplicant in the world oil market to a potentially dominant player. Opening the gate to oil exports would stimulate the economy and create jobs, with little or no effect on the price of gasoline, they say.

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