A decision to lift restrictions on US crude oil exports would boost US production, lower gasoline prices, and support as many as 1 million additional jobs and the elimination of crude export restrictions would benefit gross domestic product and government revenues.
The numbers are staggering – an estimated boost in US oil production would cut the US oil import bill by an average $67 billion/year.
Researchers forecast $746 billion total in additional energy investments during 2016-30 and a boost in US oil production of 1.2 million b/d average each year of the study period.
Additional US crude oil production would help lower gasoline prices by an annual average of 8¢/gal, the study estimated. The 8¢/gal is a base case adjusted for inflation, and the figure potentially could reach 12¢/gal given a higher production rate.