Serial No. 114-22: Crude Oil Export Ban: Helpful or Hurtful? Hearing Before the Subcommittee on Terrorism, Nonproliferation, and Trade of the Committee on Foreign Affairs, House of Representatives, One Hundred Fourteenth Congress, First Session, April 14, 2015 [open pdf - 3MB]
This is the April 14, 2015 hearing on "Crude Oil Export Ban: Helpful or Hurtful?" held before the House Subcommittee on Terrorism, Nonproliferation, and Trade. From the opening statement of Ted Poe: "The United States is now the largest crude oil producer in the world. We have more oil than we can refine or store. The majority of U.S. refineries were built to handle heavy, sour crude, but oil production is light, sweet crude. The United States' refineries cannot keep up with the new production. Normally producers would simply pump oil into storage containers, but experts say those storage tanks could fill up before the end of this very month. Instead of exporting excess oil like producers get to do in other nations, the ban is already forcing U.S. oil producers to leave oil in the ground and lay off workers. About 50 percent of the working rigs in my home state of Texas have had to shut down in just the last 6 months. Seventy thousand oil workers have been laid off since Thanksgiving. The solution to this problem is clear: Export crude oil; have the ban lifted so that it can be exported. Critics of lifting the ban are afraid the United States' oil exports will lead to higher domestic gas prices. However, many studies have debunked this myth. Gas prices are more closely linked to the international market, or Brent Price, than the domestic price of crude because refined products like gasoline are traded freely on the international market. So the more crude oil we have, the more we can put on the international market, and the lower the international price of crude. The lower the international price of crude the lower the price of gas for America. " Statements, letters, and materials submitted for the record include those of the following: Michael McCaul, Joe Barton, Jason Grumet, Elizabeth Rosenberg, Jason Bordoff, and Stephen Kretzmann.
Serial No. 114-22
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