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Testimonies & Speeches by Jason Bordoff • April 14, 2015
Founding Director Jason Bordoff testified on the US oil export ban before the Committee on Foreign Affairs, Subcommittee on Terrorism, Nonproliferation, and Trade in the House of Representatives. His conclusion is below and the full written testimony is available here (PDF).
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Conclusion
Today’s oil market looks very different than it did in the 1970s when current crude oil export restrictions were first put in place. At that time, the United States had adopted domestic price controls to combat inflation, and crude export restrictions were necessary to make those price controls effective. While price controls have long since fallen away, crude export restrictions remain. While the magnitude and timing of the impact of easing the export restriction is uncertain, particularly given the recent oil price collapse, the direction is clear: allowing US oil exports will boost US oil supply and economic activity, along with resilience to supply disruptions, credibility in the trade realm, and geopolitical influence. While trade restrictions are not an appropriate or cost- effective way to reduce greenhouse gas emissions, it is critical that more aggressive policy actions be taken to address climate change. The current statutory restrictions on oil exports are a legacy of a bygone era that doesn’t reflect today’s energy reality. On economic, security and geopolitical grounds, they should be lifted.
Last week's summit between US President Trump and Chinese President Xi was the second meeting between the two leaders since the US and Israel attacked Iran.
In this edition of Global Institute Dialogues Jason Bordoff discusses how the Iran crisis, China’s electrification strategy, and the US shale revolution have changed energy geopolitics.
As inventories run dry and the Iran war continues to disrupt transit routes, oil has surged back to more than $100 per barrel. Diesel fuel—the workhorse of the agricultural and trucking sectors—has now soared to historic highs, pushing U.S. exports to record levels.
Full report
Testimonies & Speeches by Jason Bordoff • April 14, 2015