The API has said that the new report from the US GAO confirms the findings of numerous studies that show that removing export barriers for US crude oil could incentivise higher domestic production, create jobs, lower the overall trade deficit, and put downward pressure on gasoline prices.
John Felmy, API Chief Economist said, ‘the US is now an energy superpower, but our trade policies remain stuck in the 1970s. The GAO report simply confirms what economists like Daniel Yergin and Larry Summers have been saying for months, which is that American consumers and workers will be among the first to benefit if we lift restrictions on crude exports.
‘America is the world’s largest producer of natural gas and projected leader in oil, thanks to innovations in hydraulic fracturing and horizontal drilling. Allowing free trade in energy will mean more jobs, downward pressure on fuel costs, and can further reduce the impact of global unrest on oil markets. US energy production is already having a major impact on world markets, and if policymakers embrace free trade, that influence will continue to grow in a way that benefits our economy.’
Edited from press release by Claira Lloyd
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