Washington, D.C.– The Bipartisan Policy Center (BPC) applauds the Senate Energy and Natural Resources Committee for voting to lift the oil export ban, says BPC President Jason Grumet.
“Lifting the crude oil export ban eliminates a counterproductive and outdated market barrier. As many studies have shown, increased domestic production would put downward pressure on gasoline prices, strengthen our economy and create jobs. In addition, the increase of American crude to the global market provides our allies with another viable supply option and dilutes the market share of potentially hostile suppliers. This policy makes sense, especially in light of lifting sanctions on Iran, as it allows American producers to compete in the global marketplace,” said Grumet.
“It is vital that we build an energy system constructed upon efficient markets. While we continue to stress the importance of accelerating energy innovation, as well as addressing carbon emissions, the way to accomplish these goals is not through perpetuating market barriers. Lifting the export ban allows the United States to take full advantage of its ongoing energy revolution and finally join the global crude market,” said Grumet.