The ban on U.S. crude oil exports is a terrible policy that for decades has held back job creation and our economic growth. It is time for it to go.
Lifting the ban could stimulate investment in domestic energy production, at a time when growth has slowed in this pivotal economic sector. We could see as many as 300,000 new jobs created, $38 billion added to our economy, and $70 billion in new private sector investments if we simply allowed U.S. energy companies to sell their products to willing buyers.
We will not run out of oil. In fact, new markets for U.S. crude could spur domestic production by 500,000 barrels per day, saving American consumers almost $6 billion a year on fuel costs. There is no justification for leaving the crude oil export ban in place.