The Crude Oil Export Ban

The United States is now the largest crude oil producer in the world. Refineries cannot keep up with the new production. Instead of exporting excess oil like producers get to do in other nations, the ban is already forcing U.S. oil producers to leave oil in the ground and lay off workers. The solution to this problem is clear: Export crude oil; have the ban lifted so that it can be exported. Critics of lifting the ban are afraid the United States' oil exports will lead to higher domestic gas prices. However, many studies have debunked this myth. Gas prices are more closely linked to the international market, or Brent Price, than the domestic price of crude because refined products like gasoline are traded freely on the international market. U.S. crude entering the global market will increase the international oil supply and decrease the price of gas.