[Daily Caller] Lifting the oil export ban will create hundreds of thousands of new jobs and billions of dollars according a Friday article by Heritage Foundation economist Nicolas Loris."Lifting the ban would generate more jobs for Americans, supply the United States and the world with more affordable energy and provide important geopolitical benefits for Washington and its allies. Unfortunately, some politicians want to hold this common-sense measure hostage until they get funding for their pet projects." Loris says, and concludes that "[t]he decision to export crude oil should be decided by those who produce and sell the oil, not by Washington bureaucrats."
Presently, selling American crude oil to other countries is illegal, despite the best efforts of House Republicans who voted to lift the ban in October. The Senate is preparing to act to lift the ban, but President Barack Obama has threatened to veto any attempt to do so.
Exporting oil will boost U.S. gross domestic product (GDP) by $38 billion, reduce the trade deficit by $22 billion and add 300,000 new jobs by 2020, according to studies cited by Loris.