Economists Call for Obama Administration to Lift the Ban on Crude Exports

WASHINGTON, Oct. 30, 2014 /PRNewswire-USNewswire/ -- Dr. Margo Thorning, Senior Vice President and Chief Economist of the American Council for Capital Formation, and Dr. William F. Shughart II, former Federal Trade Commission economist and Professor of Economics in the Jon M. Huntsman School of Business at Utah State University, today called on the Obama Administration and lawmakers to lift the ban on crude oil exports.  Thorning and Shughart pointed to the trade, economic and U.S. competitiveness benefits of approving the export of U.S. crude oil and the need for U.S. trade policy to reflect the reality of America's abundant resources.

ACCF also today launched a new platform, www.UnlockCrudeExports.org, to educate policymakers and the public about the substantial economic benefits of lifting the 40-year-old ban on exporting crude oil.  A project of ACCF, the website will aggregate the latest facts and analysis by ACCF, academia and other experts and serve as a resource for new members of the 114^th Congress seeking to learn more about the benefits of ending the exports ban.

"This is an issue whose time has come," said Dr. Thorning. "The momentum for lifting the ban on crude oil exports continues to grow and now is the time for the U.S. to capitalize on its energy advantages. This new project will be a resource for the public and policymakers to get the facts on a critical issue that affects everyone."

Added Professor Shughart, "Not only will lifting the ban bring substantial economic benefits to the country, but doing so will also advance U.S. and global energy security. The times – and the world - have changed in the decades since the ban was put into place and our energy policies need to catch up."

Since the export ban was enacted in 1975, the United States has transitioned into a world leader in energy production. The nation's refined oil – mainly gasoline and diesel – is exported without restriction, yet due to the crude export ban, the country is restricted from exporting its abundant supplies of crude oil.  Such a restriction holds America back from significant economic, geopolitical and price-related benefits. In recent weeks, calls are growing to lift the ban with major newspapers, including the Washington Post, endorsing the policy change and Members of Congress urging its repeal.

ACCF is also working with Strata – a policy research organization at Utah State University focused on environmental, energy and public land policy – to reach new audiences online. Strata will partner with ACCF on a dedicated Twitter feed – @unlockcrude, blogposts, and other digital channels to elevate the policy implications of keeping the outdated trade policy restricting crude exports in place.

Added Dr. Thorning, "It seems that every week a new study is published extolling the benefits of lifting the ban including new jobs, reduced gasoline prices, and improved overall consumer welfare. This effort will give our policy makers the tools to make decisions based on the facts of today, rather than the outdated policies from decades ago when our country was not leading the energy revolution."

The new site, www.unlockcrudeexports.com, includes a timeline of the crude exports ban, facts debunking common myths associated with ending the export ban, an infographic that explains how America is being held back by the ban, and a comprehensive breakdown of the major independent studies exploring the benefits of exporting the nation's excess energy supplies.

About Unlock Crude Exports
A project of the American Council for Capital Formation (ACCF), Unlock Crude Exports is a campaign dedicated to lifting the decades-old ban on crude exports and ensuring that U.S. trade and energy policies reflect America's energy realities for the benefit of consumers, the economy, and U.S. competitiveness.

About ACCF
Founded in 1973, The American Council for Capital Formation (www.accf.org) is a nonprofit, nonpartisan organization advocating tax, energy, regulatory and environmental policies that facilitate saving and investment, economic growth and job creation. Find out more at: http://accf.org/about-us

About Strata
Our mission is to channel the ideas of liberty and free-markets through robust research and individual development programs so that those ideas can spread into many networks and influence change. Strata is the premier research hub on environmental, energy and public land issues. For more information about Strata, visit http://strata.org

SOURCE American Council for Capital Formation