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Ending the United States’ longstanding ban against most crude exports could lift oil prices inside the country while decreasing the cost of gasoline, according to a Government Accountability Office report released Monday.
Former White House economic adviser Larry Summers on Tuesday insisted that the U.S. should lift its decades-old ban on exporting crude, arguing that the policy is a relic of the1970s that is holding back the United States’ potential.
The Obama administration licensed a third company to broadly sell U.S. natural gas overseas on Wednesday, renewing fears that widespread exports of America’s bounty could spike domestic prices for the fossil fuel.
A report highlighting the higher economic benefits of using American natural gas to make things rather than selling it overseas has drawn heated criticism from export backers.
Widening the rift over exports of U.S. natural gas, Huntsman Corp. has joined a coalition campaigning against more foreign sales of the fossil fuel. The move follows Dow Chemical’s decision to break ties with the National Association of Manufacturers over the dispute.