Over the past five years, the United States has experienced an astounding energy transformation. We are producing more oil—and using less—due to advances in drilling technologies and more-efficient vehicles, as required under the modern fuel-economy standards developed by the Obama administration. The increase in domestic oil supply, combined with the decline in demand, has also led to a significant decrease in foreign oil imports. These changes make us less vulnerable to a sudden foreign oil supply disruption that could cause price spikes.
Unfortunately, the oil industry would squander this newfound price stabilization and energy security by lifting the ban on crude oil exports. Doing so would enrich oil companies by enabling them to sell their oil at the higher world price, but it could increase domestic gasoline prices and reduce our energy security. President Barack Obama and Congress should oppose these efforts to allow the export of domestically produced oil.
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