Lifting of Crude Export Ban Will Spur U.S. Economy, IHS Says

Friday, May 30th, 2014 @ 12:12PM

The U.S. will benefit from increased oil production and lower gasoline prices if the government lifts restrictions on crude exports, according to IHS Inc. (IHS)

The world’s largest oil consumer may save an average of $67 billion a year from its import bill as domestic output may rise as much as 949,000 barrels a day in 2016 with the removal of the export ban, the Colorado-based consultant said in a report today. Such a scenario would support 964,000 additional jobs in 2018, it predicted.

“Making U.S. oil available to global markets would unlock the current supply and refining gridlock,” IHS said. “It would lead to a total of $746 billion in additional investment during the study period of 2016 to 2030 and an average of 1.2 million barrels per day more oil production per year.” Read the full article here

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