Economic Benefits of Lifting the Crude Oil Export Ban

Government Accountability Office Report on Oil Export Ban Based On Industry-Funded Studies

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oil exports

Earlier this year, at CERAWeek, the must-attend energy conference for industry players, Sen. Lisa Murkowski (R-AK) made an interesting statement while advocating for lifting the oil export ban in her keynote speech.

This year – 2014 – will be the Year of the Report. Think tanks and research institutions across the country are examining the possibility of crude exports and the potential ramifications. Working groups are assembling, writing papers, crunching numbers.  And that’s a good thing,” Murkowski said.

Sen. Murkowski made this statement as part of prepared remarks described as a “roadmap” for lifting the ban on crude oil exports. Murkowski’s prediction would make it seem like she already knew the reports would reach the conclusion that lifting the ban on crude oil exports was “a good thing.” Perhaps it was just a lucky guess for her back in March, but she was right.

In October, the Governmental Accountability Office (GAO) reached just that conclusion in its report, Changing Crude Oil Markets: Allowing Exports Could Reduce Consumer Fuel Prices. It should be noted that the GAO undertook this effort at the request of none other than Alaskan Senator Lisa Murkowski.

The GAO concluded that lifting the crude oil export ban was a positive because it could potentially lower consumer fuel prices in the U.S. However, when it came to analyzing the environmental impacts of increased oil production and exports, the Congressional agency was unable to reach any quantifiable conclusions.

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