U.S. Sen. Lisa Murkowski, R-Alaska, chairman of the Senate Energy and Natural Resources Committee, today welcomed the latest Obama administration report showing that lifting the outdated ban on oil exports would not raise gasoline prices and could help lower them.
“This capstone report clearly points the way for Congress and the administration to act,” Murkowski said. “The year of study is over. It is time to send a signal to the world by lifting the ban on oil exports from the United States.”
The Energy Information Administration (EIA) released a report Tuesday morning detailing the economic impact of ending the 1970s-era ban on exporting most U.S.-produced crude oil. The study concluded that allowing oil exports would increase supply and put downward pressure on prices. U.S. gasoline prices are based on the global price of oil rather than the national benchmark.
In April 2014, Murkowski and Sen. Mary Landrieu, D-La., then chairman of the energy committee, wrote to EIA requesting it research the various aspects of the oil export debate and provide ongoing analysis of the issue. In their letter, the senators said the implications of lifting the ban represents “a complex puzzle that is best solved with dynamic and ongoing analysis of the full picture, rather than a static study of a snapshot in time.”
The EIA study is the final report in a series on oil exports this year requested by Murkowski. Previous studies by the EIA covered the U.S. refining and production mismatch and the link between U.S. gasoline prices and the international benchmark price for oil.
“Multiple studies have shown that lifting the export ban will improve our economic and energy security without harming American consumers,” Murkowski said. “It’s time to leave the old scarcity mindset behind and seize the opportunities provided by America’s energy resurgence.Chairman Murkowski has been a leading advocate in Congress for lifting the federal prohibition on crude oil exports in order to maximize the nation’s energy and economic security. She included language ending the outdated export ban in her Offshore Production and National Security (OPENS) Act, which was approved by the energy committee at the end of July. More on Murkowski’s efforts to ensure America’s energy renaissance continues is available on the committee’s website.