2014: Export of American Oil Is Contentious Industry Goal After 4-Decade Federal Ban

Emboldened by the recent boom in U.S. crude production, oil company executives and others closed the year by launching a highly public push for the right to freely export U.S. crude oil.  The move is a 180-degree change from 40 years of telling Americans that the country needs all the oil it can get to achieve energy independence and to protect consumers and the economy from oil and gasoline price shocks.

It's a particularly dicey appeal to make right now because the call for oil exports—and the industry's rationale for it—run counter to the arguments that oil companies and politicians are still using to justify a host of industry-backed initiatives, including the controversial Keystone XL pipeline project that would import oil from Canada.  What's more, for the American public, every discussion about oil policy ultimately boils down to one question: What would it do to gasoline prices?  On that front, unrestricted oil exports would be a difficult sell.  So far, the domestic oil boom has lowered the cost of U.S. crude and enriched the industry and nearby communities, but it's provided little relief to consumers at the pump.  In the wake of that disappointment, export proponents would have to convince Americans that fuel costs won't be driven higher once homegrown oil starts flowing to the likes of Europe, Latin America and China—and that's an assurance no one can make.

Recent events make it clear, however, that the oil industry is undaunted.

2014:  Export of American Oil Is Contentious Industry Goal After 4-Decade Federal Ban