Republican News

Republican News

WASHINGTON, D.C. – U.S. Sen. Lisa Murkowski, R-Alaska, today welcomed a new study released by the Energy Information Administration (EIA) assessing the pricing relationship between domestic gasoline and global crude oil prices.

“Today’s study by the EIA shows that the price American drivers pay for gasoline at their local station is linked to the price of oil set by the global market,” Murkowski said. “If domestic gasoline prices are tied to the Brent worldwide index price, then exporting U.S. oil to our friends and allies will not raise gasoline prices here at home and should, in fact, help drive down prices.”

The EIA study concludes:

“The effect that a relaxation of current limitations on U.S. crude oil exports would have on U.S. gasoline prices, would likely depend on its effect on international crude oil prices, such as Brent, rather than its effect on domestic crude prices.”

The EIA study is part of the dynamic and ongoing analysis Murkowski requested in a letter to EIA Administrator Adam Sieminski earlier this year.

Today's release follows an earlier report from the agency that found the vast majority of new U.S. crude production was of a light sweet grade. The bulk of American refining capacity is geared toward processing heavier grades of crude oil, which has lead to a mismatch and glut of light, sweet crude in the Lower 48.