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Wednesday, July 23, 2014

Oil Export?

In 1974, there was an Arab oil boycott. In response, Congress created a ban on exporting American Oil. They called it an act of national security. Many believe that to be true for that time. Almost 40 years have passed since the oil export ban. Almost 40 years later, Energy Secretary Ernest Moniz asked Congress to reconsider. "those restrictions on exports were born, as was the Department of Energy and the Strategic Petroleum Reserve, on oil disruptions."

The International Energy Agency (IEA) believes that America will produce more oil than Russia by 2015. It also states that America will produce more oil than Saudi Arabia by 2017. OPEC revenues are down. Since some OPEC companies use their oil money to support terrorism, should the US change its position and export oil? Would exporting US oil mean less money given to terrorists?

Senator Edward J. Markey (D - Mass) believes that American oil should be kept here for consumers. Yet our gas prices continue to go up despite the increase in oil production.

Should Congress lift the exportation ban? Let us know your thoughts.
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