From: Jack Gerard, API
To: Scott Jenkins,
Subject: State Benefits of Crude Exports
Date: Wed Jun 04 14:43:05 MDT 2014
Body:
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    June 4, 2014  

Crude Exports and Gas Prices

Because gasoline costs are tied to a global market, the increased supply generated by additional exports is projected to put downward pressure on the prices at the pump. Learn more about the factors that determine gas prices at API’s “What’s Up With Gasoline Prices?” primer.

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    State Benefits of Crude Exports      
           
   

Dear Scott,

By changing one obsolete 70s-era policy, America can open the door to job creation and economic growth – all while putting downward pressure on gas prices. The crude export ban enacted during a time of energy scarcity makes no sense now that the United States is set to surpass Saudi Arabia and Russia as the world’s leading crude oil producer by next year. By lifting the existing trade restrictions on exports of U.S. crude oil to global markets, we could prompt higher U.S. energy production, increase supplies, and save consumers money.

Previous studies have projected significant nationwide economic benefits will flow from easing export restrictions, and new analysis conducted by ICF International and EnSys Energy illustrates positive impacts on a state-by-state basis:

The Oil & Natural Gas Industry 

  • Depending on global price trends, nine states – Florida, Michigan, Indiana, California, New York, Pennsylvania, Ohio, Texas, and North Dakota -- could see over $1 billion each in state economic gains in 2020, with slower growth through 2035 after new drilling plateaus.
  • Eight states – Illinois, Florida, New York, Pennsylvania, Ohio, California, North Dakota, and Texas – could gain over 10,000 jobs each in 2020.
  • Texas alone could gain up to $5.21 billion in added economic activity and 40,921 jobs in 2020.
  • North Dakota could gain 22,215 added jobs and $4.81 billion in state economic growth in 2020.
  • States with significant manufacturing and consumer spending, such as California, could add 23,787 jobs and $2.06 billion in economic activity in 2020.
  • New York could add 15,350 jobs and $1.95 billion in economic activity in 2020.
  • Illinois could add 10,033 jobs and $990 million in state income in 2020.

As the authors point out, “the current policy is discouraging additional crude oil supplies from being brought to market, which actually makes gasoline prices higher than they otherwise would be.” Opening the doors to free trade for crude exports would also allow for a more efficient distribution of heavy and light crudes – increasing U.S. refinery output while lowering the trade deficit.

Energy Secretary Moniz has acknowledged that it’s time to reevaluate export policies. Consumers and workers throughout the country will benefit if the administration makes the right decision and brings U.S. export policy into the 21st century.

Sincerely,

Jack Gerard
President and CEO
API

     
     
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