Over the weekend, The Wall Street Journal published an article titled “Move to Allow U.S. Oil Exports Accelerates” which examined the growing number of industry experts and members of Congress expressing their support for domestic crude oil exports. Along with highlighting notable supporters of repealing an outdated ban on our abundant energy resource, the article details the vast economic advantages trading with the global energy market would present to the U.S.
Among those mentioned in the article is Jason Bordoff, founding director of Columbia’s energy center and former Obama White House energy adviser. Bordoff’s own study from earlier this year concluded that easing exports restrictions for crude oil could lead to an increase in production. Higher rates of production would drive up rates of domestic job growth in efforts to produce enough energy to satisfy the demands of the global market. This natural economic progression will ultimately contribute to a healthier and more stable energy sector. Other studies included are IHS, Brookings Institution, and Resources for the Future, all of which reached the same conclusion: exporting crude oil would be, on balance, good for the U.S. economy.
The Wall Street Journal article comes on the heels of encouraging remarks made on Friday by U.S. House Speaker John Boehner (R – OH) who expressed his support for ending the ban on oil exports while discussing the Department of Labor’s July unemployment report. “That’s why Republicans remain focused on advancing common-sense solutions that address Americans’ top priorities. We’ve passed jobs bills to increase energy and lower gas prices, expand markets for American-made goods and services, and cut red tape to help small businesses and manufacturers grow. We’ll continue that progress by working to lift the oil export ban and create an estimated one million new American jobs,” the Speaker stated.
The only thing more evident than the problem limiting our domestic energy sector in the U.S. is the logical and economical answer to solving it: lifting the ban on crude oil exports would singlehandedly and significantly incentivize production, which would lead to the creation of hundreds of thousands of new jobs for hardworking Americans. Our leaders and experts agree, it’s time to embrace the American energy renaissance by allowing U.S. crude oil exports.