Lifting ban on crude exports would lower US gasoline prices, help economy, study predicts
Exporting more U.S. oil around the world would lower the price of gasoline for U.S. drivers and benefit the nation's economy, according to a new study.
While the conclusion may be counter-intuitive, the reasoning is straightforward: It would encourage more U.S. oil production and put that crude on the global market. That would lower the global price of oil, which is linked closely to the price of gasoline in the U.S.
Previous studies have reached similar conclusions. The latest study, released Tuesday, was conducted for the Brookings Institution, by NERA Economic Consulting.
It calculates that pump prices would fall by 8 cents to 12 cents per gallon on average, depending on how much oil is ultimately found and when the existing restrictions on exports are lifted.