Economists launch pro-crude exports campaign

Published in The Hill

A national group of free-market economists launched a new initiative on Thursday touting the benefits of lifting a decades-old ban on crude oil exports.

The campaign to repeal the ban, called “Unlock Crude Exports,” includes a website, papers and analysis, meant to persuade policymakers in Congress and the White House that crude oil exports are in the nation’s best interest.

The American Council for Capital Formation (ACCF) is behind the new push, and wants the website to “serve as a non-partisan resources” for lawmakers, and the public who want to learn about possible impacts of lifting the ban.

“It’s a website where all relevant information is kept up to date and will be helpful in terms of letting policymakers, media, and public in general know what is going on,” said Margo Thorning, vice president and chief economist with ACCF.

Thorning added that most Americans “don’t realize we are in an age of energy abidance” and that it makes no sense to forbid exports.

The new push, which is also backed by Strata, a Utah State University research group, is the latest launched in support of crude oil exports.

Last week, oil producers joined forces to urge lifting the ban, forming the first lobbying effort to push the government to act.

ACCF said it expects the debate to go well into 2015, and that lifting the ban would help stabilize world oil prices.