House Testimony: Should U.S. End Oil Export Ban?
Deborah Gordon of the Carnegie Endowment for International Peace testified on April 2 on the question of whether the US should drop its oil export ban. Carnegie’s site states: “Managing the economic, security, and climate impacts of its new bounty of oils is the central energy challenge facing the United States. In testimony to the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation, and Trade, Deborah Gordon says Congress needs to carefully evaluate the impacts of lifting the ban on crude oil exports.”
- “Adopt a go-slow policy to maintain market stability. It’s difficult to predict what effect dropping the oil export ban will have because it will change market dynamics and redirect flows of refined products in ways that are not fully understood. Going slowly will minimize market disruptions and price volatility.”
- “Recognize the varying impacts on different groups. Oil producers stand to gain, consumers could see price increases at the pump, and refiners and manufacturers have different objectives—this all needs to be considered.”
- “Don’t forget about climate risks. As new oil resources surface, climate change is slipping down the policy agenda. But carbon emissions must be taken into account to protect existing assets and future investment decisions.”
“’As one of the world’s fastest-growing oil producers, the United States has the opportunity and responsibility to be a global leader in the energy sector,’ concludes Gordon. ‘A strong, balanced energy policy is needed to guide decisionmaking in ways that satisfy the energy needs of American consumers, strengthen the U.S. economy, protect the climate, and enhance energy security.’”