The topic for today inSomething to Think About, is “Should We Export Oil?” The US has long pushed for liberalized trade, and the recent effort in Congress to provide President Obama with fast track trade authority is one more effort to do so. But what about oil? US produced crude oil is a big exception.
Since the 1973 Arab Oil Embargo, Congress banned oil exports in almost all circumstances. With the shale oil revolution, should we reconsider the export ban? Will, as some fear, gasoline prices rise as there may be less oil to refine in the US? On the other hand, will the economy expand with the prospect of increasing production?
