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API: Oil exports could bring down cost for US consumers
A new American Petroleum Institute (API) study indicates that US crude oil exports would be good for US consumers, helping them save money at the pump.
“Reversing the past mindset of energy scarcity to one of abundance means more investment in America,” said Kyle Isakower, API vice president of regulatory and economic policy. “More investment in America leads to more American jobs, more revenue to the government, a lower trade deficit, and increased security.”
ICF International’s preliminary analysis of the API-commissioned study suggests that, if US crude exports were allowed, these exports could mean an additional $70 billion in US upstream investments by 2020, leading to an increase in US oil production by as much as 500,000 barrels per day. Putting this additional US oil on the world market could reduce crude prices by as much as a dollar per barrel, potentially leading to $6.6 billion in annual savings for American consumers by 2020.
“It’s undeniable that the American energy revolution has rendered our current export policies obsolete,” Isakower said. “Allowing exports will ensure that US production remains strong in a way that supports American consumers. Opening new markets for American production is a benefit to the economy.”