the US has removed its prior ban on exporting crude oil. what has been the impact...

the US has removed its prior ban on exporting crude oil. what has been the impact of the new policy? what is your position on this issue? who wins? who loses?

Expert Solution

The removal of ban on export of crude oil by the US had a mixed impact on the economy. It was a move welcomed by the industry but pro-environmental groups were critical of it.

It leads to job creation, economic growth, new revenues,prosperity and enhanced energy security for their allies. The US is now the world's number one oil producer and removing this artificial export restriction will strengthen our nation's strategic position in global energy markets. The domestic oil refiners provide transportation fuels and home heating oil to thousands of American families. Lifting the ban will result in a USD 30 billion windfall each year to oil producers and put our domestic oil refiners at an economic disadvantage with their foreign competitors who enjoy lax environmental rules and regulations.

With this new policy implementation, industries are the winners and pro-environmental groups plus domestic oil refiners are the losers.

Rahul Sunny answered 2 years ago

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