To the Editor: Forty years ago, at the height of the 1970s energy crisis, Congress passed a law banning exports of oil from the lower 48 states. The law was intended to limit America’s dependence on imported oil by keeping domestic oil from leaving the country. It was not successful – oil imports continued to climb for decades. But the law stayed on the books.
The export ban isn’t just unhelpful, it’s actually doing damage to the economy, consumers and to national security. The good news is that momentum is building in Congress on legislation to lift the ban on U.S. oil exports. Doing so would create jobs, enhance energy independence, strengthen national security, and would cost American taxpayers nothing.
America’s energy picture in 2015 differs vastly from what it was in 1975. Technological innovations in exploration and production have made the U.S. the world’s leading oil and gas producer. The energy boom has been a vital component of the country’s long, difficult recovery from the “great recession,” accounting for the majority of the net job creation over the past five years. Even here in the east coast region, oil production has tripled in just the last five years. It’s important to keep this economic growth going.
The reasons for repealing the oil export ban are numerous. The export ban is helping prop up world oil prices by keeping American crude off global markets. That’s helping our oil-producing adversaries like Russia and Iran, and hurting our oil-importing allies who would prefer to buy American oil instead. It’s also hurting American consumers. Studies on the economic impact of the export ban show that we are paying up to 13 cents a gallon more for gasoline than we would without the ban.
Legislation has been introduced in both the U.S. House and Senate to repeal this outdated law. Doing so will benefit consumers, bolster our economy, and enhance our national security. Repealing this 40-year old law is the right thing to do for our country and for Virginia.
Nicolette Nye
Nicolette Nye is vice president of communications and industry affairs at the National Ocean Industries Association, a retired U.S. Navy chief petty officer and a resident of Arlington.