Thank you, Mr. Chairman and distinguished members of this committee, for this opportunity to offer my views on lifting the export ban on crude oil. Ending this ban would be an important dimension of:
- A rationalization of U.S. energy policy narrowly;
- A reform of misguided policies from the past as they have evolved in the face of political and bureaucratic objectives shaped by interest group pressures;
- An ongoing effort to inform the public debate on such important related issues as the construction of the Keystone XL pipeline and the prospects for the export of liquefied natural gas;
- A more-general need to increase the importance of economic markets and the overall expansion of free trade as determinants of resource use and as vehicles with which to increase aggregate wealth and individual economic opportunity and wellbeing; and
- A larger defense of individual freedom and competitive capitalism from the cronyism, favoritism, and wasteful subsidies emerging from the politicized allocation of resources that is the inexorable result of a substitution of competition by politics in place of market forces.
The current export ban on crude oil was enacted as part of the 1975 Energy Policy and Conservation Act, and was justified on the basis of two fallacies…
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