Export short-sightedness

03/24/2014
Opposition by specific refiners to US exports of crude oil should surprise no one. The export ban suppresses the price of domestically produced light, sweet crude oil relative to that of comparable international crude over time. It thus helps US refiners with access to light oil produced in growing quantity from unconventional resource plays in the American interior. That some of those refiners favor a developing bottleneck is only natural. But their position is short-sighted and wrong. News emerged last week that four independent refiners had formed a group to lobby against removal of the crude-export ban in place since the 1970s. The group, Consumers and Refiners United for Domestic Ene...
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