Lift the Ban
PESA supports energy growth, especially as it relates to job creation. Lifting the decades old ban on U.S. crude oil exports would support hundreds of thousands of new jobs within the energy sector while non-energy producing states would benefit from the rewards of free trade. More importantly, it’s time.
This outdated trade restriction, which began in the 1970s when energy was scarce, is little use in today’s energy-rich environment. The U.S. is now the world’s leading producer of oil and natural gas. In fact, production in many individual states now outpaces production in some of the top energy-producing nations in the world. There’s no longer any justification for keeping one of our most valuable commodities off the global market, limiting our economic potential and energy security. It’s time to #LiftTheBan.
Benefits to Lifting the Ban
394,000 more jobs on average 2016-2030
1.2 million barrels per day increase to crude oil production 2016-2030
$70 billion more invested in exploration, development and production 2015-2020
$5.8 billion savings to consumers fuel cost 2015-2035
$134 billion additional GDP in 2018
$1.3 trillion increase in total government revenues 2016-2030
Source: IHS, API, ICF International and EnSys Energy Study “The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs”
[Infographic: A Crude Case Made Clear]
[Harvard Business School Study “America’s Unconventional Energy Opportunity”]
[API Study “U.S. Crude Oil Exports: Benefits for America’s Economy and Consumers”]
[ICF International and EnSys Energy Study “The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade, and Consumer Costs”]