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Lifting the Crude Oil Export Ban: Economic Benefits
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Lifting the crude oil export ban could lower costs for American drivers by putting more crude oil on the global market and reducing the total price of oil, which should drop prices at the pump.
In fact, if gasoline prices went down just $12 cents per gallon, it would save Americans $16 billion per year.* In addition, IHS says that economic activity from resulting from increased crude exports would support 359,000 more jobs in 2016 before peaking at 964,000 additional jobs supported in 2018, and that GDP would rise by nearly $134 billion in 2018. What's more, our trade deficit would shrink by $22 billion in 2020, according to the American Petroleum Institute.
*Based upon the EIA study that Americans consume an average of 368,510,000 gallons of gasoline a day.
In fact, if gasoline prices went down just $12 cents per gallon, it would save Americans $16 billion per year.* In addition, IHS says that economic activity from resulting from increased crude exports would support 359,000 more jobs in 2016 before peaking at 964,000 additional jobs supported in 2018, and that GDP would rise by nearly $134 billion in 2018. What's more, our trade deficit would shrink by $22 billion in 2020, according to the American Petroleum Institute.
*Based upon the EIA study that Americans consume an average of 368,510,000 gallons of gasoline a day.
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