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Oil Price Drop Helps Argument to End Export Ban

Bloomberg reports that “collapsing crude prices have given oil producers a new argument for ending a 39-year-old U.S. ban on exports.”  

“With U.S. output at a 31-year high and imports at the lowest level since 1995, producers seeking the best possible price for crude are straining at having to keep sales at home. Removing the ban could erase an imbalance between U.S. and foreign crude prices by expanding the market for shale oil.”  

“A 38 percent decline in crude prices since June, “will weigh into the debate” and help make the case to lift the export ban, said Senator Lisa Murkowski, the Alaska Republican poised to take over as head of the Energy and Natural Resources Committee next year.”

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