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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.
(Score: 3, Interesting) by doublerot13 on Sunday September 21 2014, @02:11AM
I'm no expert, but my dad worked for Exxon at a major refinery in the US. According to him refineries like lighter grades because they require less refining to make end products. However, heavy grades still work too. They just require more time in the equipment, which means less profit.
A quick glance at the google suggests that more recent production has been of the light variety. We are actually increasing imports of heavier stuff to maintain balance in overall supplies of each grade.
If there is a push to export oil, it is almost certainly a means to the end of making oil companies richer, not help the GP.
Also, Larry Summers has a long history of giving advice which is clearly in the interest of businesses not people. See the financial crisis.