ICYMI: A new study (attached below), from the respected research firm IHS, shows that the current ban on American crude oil exports is having a chilling effect on investment, job creation and domestic oil production. Right now, America’s energy renaissance has spurred a dramatic increase in domestic oil production on state and private lands. The increased supply has meant lower oil prices and lower gasoline prices for American drivers. At the same time, restrictions on exporting excess oil that the U.S. market cannot absorb is forcing producers to limit exploration and lay-off workers, which is hurting the overall economy. Without the ability to export oil to other markets, production of American crude oil will eventually decline – raising prices once again.

Ending the current ban on crude oil exports would bring American crude oil to the world marketplace, which would in turn increase American crude oil production, keep energy prices affordable, and create new jobs.

Chairman Murkowski has long recognized the importance of ending the current ban on crude oil exports, which is why this Thursday the committee will hold a hearing that will examine the U.S. crude oil export policy.

Additional information on Sen. Murkowski’s position on energy exports and the 40-year-old ban on crude oil exports is available on the Senate Energy and Natural Resources website. Details on Thursday’s hearing are available there as well.