The Economic Case for Lifting the Crude Oil Exports Ban

Document Type

Article

Journal/Book Title/Conference

American Center for Capital Formation Working Paper

Publisher

American Center for Capital Formation

Publication Date

6-1-2015

First Page

1

Last Page

11

Abstract

Oil and natural gas development in the United States is expanding at record levels. In the last week of February 2015, the U.S. produced more than 9.2 million barrels of oil per day (bpd), up 14% from a year ago (Figure 1.). 1 U.S. natural gas production was almost 31.9 trillion cubic feet in 2014, an increase of 29% since 2007. Consider these facts and figures in the context of the events of the 1970s when the ban was established: today, the United States is an energy powerhouse poised to become a key influencer in global markets.

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