U.S. Sen. Lisa Murkowski (R-AK) welcomed a report released by the Energy Information Administration (EIA) this week that said lifting the outdated ban on oil exports would not raise gasoline prices and could, in fact, help lower them.
“This capstone report clearly points the way for Congress and the administration to act,” Murkowski, chairwoman of the Senate Energy and Natural Resources Committee, said “The year of study is over. It is time to send a signal to the world by lifting the ban on oil exports from the United States.”
The ban dates back to the 1970s and includes most U.S.-produced crude oil.
In April 2014, Murkowski and Sen. Mary Landrieu (D-La.), then chairman of the energy committee, submitted a letter to the EIA requesting it research the various aspects of the oil export debate and provide ongoing analysis of the issue. In their letter, the senators stated that lifting the ban represents “a complex puzzle that is best solved with dynamic and ongoing analysis of the full picture, rather than a static study of a snapshot in time.”
The EIA study concluded that allowing oil exports would increase supply and put downward pressure on prices. U.S. gasoline prices are based on the global price of oil rather than the national benchmark.
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