The House Committee on Small Business held a hearing this week which examined the possibility of lifting the ban on U.S. crude oil exports and the impact such action would have on America’s small businesses. The committee hosted a panel of small business owners and experts who focused on the small business income and job development that removing the 40 year-old ban on crude oil exports could bring. Small business owner Dale Leppo stated that in his home state of Ohio alone, the energy boom has led to a significant increase in activity in the energy supply chain. Leppo went on to present the findings from an IHS study that estimates as many as 440,000 new domestic jobs would be created in the supply chain by 2018, as a result of repealing the ban on crude oil exports.
In the news, Drs. Margo Thorning and William Shughart’s economic report on the benefits of U.S. oil exports, appeared in the editorial section of the US Daily Review. The column summarizes the economic findings of their dual report which highlights the importance and need for crude oil exports. Additionally, an op-ed in The Hill, by Benjamin Zycher with the American Enterprise Institute, examined the effects lifting the ban would have from a trade perspective. “The defense of free trade is a crucial component of the larger defense of capitalism and freedom… Ending the ban would be an important component of a larger reform agenda for this Congress,” Zycher wrote.
This week’s notable op-eds/articles:
- Fuel Fix, 06/17/2015, “Ending oil export ban could help little guys, too, small businesses tell House committee,” by Jennifer A. Dlouhy
- The Hill, 06/17/2015, “Time to end federal interference with free trade in crude oil,” by Benjamin Zycher
- Investors Business Daily, 06/15/2015, “Will U.S. Export Crude To Mexico As Shale Oil Flows?,” by Gillian Rich
- The Journal Record, 06/12/2015, “Hamm: Congress must lift the ban on U.S. oil exports,” by Harold Hamm
From Our Blog This Week:
- Crude Oil Export Benefits At the Forefront of House Small Business Committee Debate
- Harvard and BCG: Time to Export U.S. Oil and Gas
- 06/23/2015 – “A New Era In American Energy” an event by The American Petroleum Institute
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