GAO: Ending Crude Export Ban Could Ease 'Price at the Pump'
As the energy profile of the U.S. continues to improve and evolve daily, fresh debate in favor of exporting oil and gas products -- which would have a significant impact on the U.S. Maritime Trade -- are gaining steam.
A new report from the Government Accounting Office (GAO) will surely add fuel to the "export oil" fire now, as GAO reports that U.S. consumers could save on gasoline if the ban on crude oil exports were lifted, even if such a move creates uncertain environmental risks.
Allowing more domestic fuel to reach the global energy market would probably boost the national economy and ease the U.S. trade deficit, but other implications are less clear, the GAO said.
Many analysts predict that erasing the export ban would boost global fuel supplies by millions of barrels of crude oil daily and that consumers would benefit, said the report.
"Removing crude oil export restrictions is likely to increase domestic crude oil prices but decrease consumer fuel prices," the report says.
(Staff & Reuters)