Oil Exports: What’s Old Is New Again
Senator Bob Menendez says: Times, they are NOT a-changing when it comes to the need for the U.S. crude oil exports ban.
For 40 years, we've banned U.S. oil companies from sending our crude oil overseas because we said we needed all the oil we produce to achieve energy independence and help protect consumers from gas price shocks.
Now, Big Oil says we should lift the U.S. ban that's existed since 1975 because times have really changed.
Well, that's true for lots of things:
But the truth is, when it comes to the energy landscape and giving Big Oil unrestricted oil exporting rights, not much has changed.
Take a look:
We're producing a similar amount of crude oil….
- 1975 U.S. production of crude oil products = 8.375 mb/d
- 2013 U.S. production of crude oil products = 7.36 mb/d
and our crude oil consumption hasn't changed much.
- 1975 U.S. consumption of crude oil products = 16.322 mb/d
- 2013 U.S. consumption of crude oil products = 18.81 mb/d
With gas prices already high, why is Big Oil fighting to lift the ban, threatening to make prices even higher?
Maybe it's because Big Oil wants bigger profits.
But, I think we shouldn't worry about boosting Big Oil profits even more and should, instead, help Americans save at the pump.
And to do this, we must keep American oil in America.
Some things don't need changing.