October 31, 2015

IT'S AN EASY ENOUGH DEAL TO CUT:

To export or not to export: partisan divide over ban on foreign sales of US oil (Debbie Carlson, 31 October 2015, The Guardian)

Even the Congressional Budget Office has weighed in, with a study suggesting greater tax receipts from federal oil and gas leases would follow a lifting of the ban. A study from Columbia University's Center on Global Energy Policy forecasts lower gasoline prices and geopolitical benefits, and the centrist Brookings Institute issued a research report citing the economic benefit to exporting US crude oil. [...]

A major Democratic concern with simply lifting the ban is that it will be a gift to the oil industry. Democrats cite a study from Department of Energy's Energy Information Administration, which said oil producers may receive $23bn to $29bn over the next few years - if US and global prices remain close.

To lift the ban, Democrats "want something in return; that's politics. They're not going to give something to the industry without exacting some price for it", said Michael Cohen, head of energy research at Barclays.

Rather than just lift the ban, Democrats want to review energy policy in the bigger picture, including investments in clean technology, he said. Republicans aren't going to meet them there.

Lift the oil ban and raise the gas tax, with a corporate tax offset.

Posted by at October 31, 2015 10:11 AM
  

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