Research shows that lifting the export ban would actually reduce the price of gasoline in the United States. This is because gasoline prices are determined by the global market. Indeed, recent studies show that the price of gasoline in the U.S. is more reliant on the global benchmark of crude oil than the domestic price. Following this logic, if the ban were to be lifted, more U.S. produced crude oil on the global market would increase global supply, and assuming international gasoline demand remains constant, the global price of crude oil would decline, impacting the price of internationally traded gasoline and ultimately the U.S. consumer.
Episode 33: This Week in Immigration
Budget and Economics, Immigration