NEW YORK: Removing the export ban would not have an impact on global consumption of oil, which is expected to grow to 104 million barrels per day in 2040, nor would it increase the global carbon footprint because U.S. oil would displace production from other countries, such as Iran and Russia.
From an environmental standpoint, it is better to produce oil here, where the industry adheres to robust safety and environmental standards. As President Barack Obama’s senior science adviser John Holdren put it: “If you’re going to be using oil and gas, it’s better to produce it here than somewhere else. We have by far the strongest environmental and safety oversight of any country.”
Lifting the ban on oil exports also would boost Maine’s economy. According to Harvard Business School and the Brookings Institution, allowing exports would help lower U.S. gasoline prices. This means relief at the pump for all American drivers and reduced fuel costs for Maine’s vibrant maritime and fishing industries.
Congress and the president should work together to remove the outdated restriction on oil exports.
