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Source: FuelFix

This week,Houston will host an important discussion focusedon an integral issue within our country’s energy landscape: crude oil exports.Notably, we live in an age where positioning the United States as the globalleader in meeting and supplying energy demands has not only become a priority;but almost a reality. What many Americans may be surprised to find is that itis our own government’s outdated policies keeping this development just out ofreach.

America’sburgeoning energy sector is a shining beacon of what we are capable of whenAmerican innovation meets determination. We have passed our competitors acrossthe globe to become the world’s largest producer of oil and natural gas,already producing nearly 75 million barrels ofcrude oil this year alone.

However,while the U.S. is currently producing crude oil at record rates, low oil pricescoupled with an excess domestic supply has created a glut that threatens tobring our energy transformation to a halt. In fact, we are already seeing ramifications;with crude oil production from U.S. shale forecasted to dropin December.

The realityis that the U.S. is the only major oil and natural gas producing country in theworld not transferring excess supplies into the global market. Due toantiquated energy policy from the Nixon era, the U.S. remains unable to exportcrude oil and take full advantage of its current situation. Even moretroubling, while our government is sidelining our ability to rise as the globalsupplier of crude oil, it recently moved forward with a highly-scrutinizednuclear deal allowing Iran—a politically unstable and volatile nation—theability to export its own crude oil.

What are wemissing here? Allies across the globe dependent on crude oil imports, includingJapan and Taiwan, would benefit significantly more—and would prefer— receivingtheir supplies from the U.S. over volatile nations like Iran and Russia. Inaddition, a new policy brief fromthe American Council for Capital Formation concluded that allowing crude oilexports could provide an opportunity for the U.S. to strengthen the globalenergy market, easing current tensions with China and providing political andeconomic stability to the Asia Pacific – an area of great geopolitical concern. It goes without rhyme or reason that our nation—a forward-thinking globalsecurity leader—should keep intact policy that directly combats our foreignpolicy efforts.

Along withstrengthening energy and national security abroad, the economic benefits here athome would be no less impressive. Analysis estimates that crude oil exportswould create as many as 1.3 million direct and indirect supply chain jobs, with400,000 of those opportunities going directly to minority communities includingHispanics and African-Americans.

Federal andlocal tax revenues would reach as much as $13.5 billion, alongside $38 billionin added GDP by 2020 according to one ICF International report. Notably,the same report also confirmed nearly $70 billion in additional capital thatcould be put towards energy production, exploration, and investments.

Too muchcrude oil with nowhere to go does not bode well for our nation’s bottom-line.Domestic energy producers, faced with limited storage options and diminishedmarket return from domestic refinery limits, have begun slowing the wheels ofdevelopment. According to a report by a downsizing firm Challenger, Gary, &Christmas, over 13,000 jobs, or more than a quarter of the overall energyindustry job losses, were attributable to the persistently low price of oil.Crude oil exports are the key to giving energy industry producers the marketcertainty they need to continue to invest and bring jobs back to the table.

Thankfully, agrowing number of lawmakers on Capitol Hill recognize the critical nature ofcrude oil exports, culminating last month in bipartisan legislation that passed theU.S. House in a 261-159 vote. As impressive as this is, the issue is not yetresolved. If we are to harness America’s energy capabilities and secure ourposition as a global energy leader, policy must be adopted that reflects ourcurrent energy renaissance. And to do this, we must repeal America’sself-inflicted ban on crude oil exports.

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投资美国石油俱乐部

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