WASHINGTON, D.C. – U.S. Sen. Lisa Murkowski, R-Alaska, today welcomed the release of a new report by the Government Accountability Office (GAO) suggesting that lifting the ban on crude oil exports could decrease gasoline prices and grow the economy.
“This latest review by the GAO is a welcome addition to the growing body of analysis supporting the case for greater oil exports,” Murkowski said.
The report, available here, outlines a number of potential outcomes of lifting the ban, including greater oil production, economic growth and lower gasoline prices. GAO states:
“Removing export restrictions is expected to increase the size of the economy, with implications for employment, investment, public revenue, and trade. For example, removing restrictions is expected to contribute to further declines in net crude oil imports, reducing the U.S. trade deficit.”
GAO also states:
“The studies we reviewed and most of the stakeholders we interviewed suggest that consumer fuel prices, such as gasoline, diesel, and jet fuel, could decrease as a result of removing crude oil export restrictions. A decrease in consumer fuel prices could occur because they tend to follow international crude oil prices rather than domestic crude oil prices, according to the studies and most of the stakeholders.”The report also recommends that the Department of Energy re-examine the size of the Strategic Petroleum Reserve.