Misconceptions feed reluctance to allow export of US crude

Three misconceptions make US officials reluctant to allow the export of crude oil. They are: · The US will become a net oil exporter · Oil is oil. · Exporting crude would raise the US price of gasoline. Expectations about the country’s becoming a net exporter trigger a strange hoarding reflex. Shouldn’t the US “keep” its oil? Well, no, not if the oil has greater value elsewhere. The US probably won’t become able to produce more oil than it needs, anyway. It remains a net importer of nearly 6 million b/d. Further production gains and consumption cuts probably won’t close that gap. Recent developments make clear that oil is not all the same, that its quality varies widely. US production inc...

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