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Pressure on U.S. to Lift the Crude Oil Export Ban

posted by n1 on Sunday September 21 2014, @12:41AM   Printer-friendly
from the market-wants-to-be-free dept.

moo kuh writes:

Former economic adviser Lawrence Summmers is pushing the US government to lift its ban of exporting crude oil. Summers claims there is research showing lifting the ban would actually lower gasoline prices in the US.

CEO of energy giant Royal Dutch Shell argues US oil and natural gas exports "would reinforce the long term future of North American energy production, [...] help to make the global energy system much more stable," and of course significantly improve the US balance of trade.

The U.S. currently bans exporting crude oil, but allows the export of refined oil products. Refineries want to keep the ban because it ensures access to cheap and easy to refine crude oil. Environmentalists oppose the ban because they want to cut back on fossil fuel usage in general. Opponents also argue that lifting the ban could make oil products expensive or hard to get in the long term.

According to NPR, the POTUS could lift the ban with an executive order.

 
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  • (Score: 2, Informative) by Ethanol-fueled on Sunday September 21 2014, @01:08AM

    by Ethanol-fueled (2792) on Sunday September 21 2014, @01:08AM (#96090) Homepage

    That's a bunch of fearmongering bullshit. You know it and I know it. Dick Cheney even knows it. A few problematic domestic goat-fuckers are no reason to have a military presence in the Middle-East. If the Arab states formed a coalition they could crush ISIS like a roach, especially with Israel's support. We have no business dicking around over there.

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  • (Score: 0) by Anonymous Coward on Sunday September 21 2014, @01:09AM

    by Anonymous Coward on Sunday September 21 2014, @01:09AM (#96091)

    > If the Arab states formed a coalition they could crush ISIS like a roach, especially with Israel's support.

    Call me when that happens, if I'm still alive.

    • (Score: 1) by Ethanol-fueled on Sunday September 21 2014, @04:10AM

      by Ethanol-fueled (2792) on Sunday September 21 2014, @04:10AM (#96145) Homepage

      My point being that if ISIS is as big of a threat as everybody is making them out to be, then in America's absence Israel will team up with at least some gulf states to defeat ISIS.

  • (Score: 2) by frojack on Sunday September 21 2014, @04:18AM

    by frojack (1554) on Sunday September 21 2014, @04:18AM (#96149) Journal

    Arabs and Israel uniting to exterminate Islamic terrorists. Yeah. That will work.

    Ethanol, what the hell are you snorting this evening?

    --
    No, you are mistaken. I've always had this sig.

  • (Score: 0) by Anonymous Coward on Sunday September 21 2014, @01:34PM

    by Anonymous Coward on Sunday September 21 2014, @01:34PM (#96310)

    Depends on whick Arab states join the other side.