First the drilling permit for Royal Shell, now this? Have the greenstremists in the Obama Regime become narcoleptics or something?:
A report by the Obama administration Tuesday concluded that removing the nation’s forty-year ban on oil exports....
Which The One adamantly opposes.
....would not raise gasoline prices in the United States — and would probably even help lower them.
"Petroleum prices in the United States, including gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude-oil exports," the report said, according to the Wall Street Journal.
It was completed by the U.S. Energy Information Administration (EIA), which does analysis for the Energy Department.
Whose employees that put out this report had better be updating their resumes, and hiring private security details.
A White House spokesman declined to comment to the Journal on the document.
Naturally. Equal parts vengeful rage and public humiliation and a desire to quash a "Regime Civil War" meme before it can get started do encourage a certain level of taciturn reticence.
The report said that price increases ultimately were dependent on the complex intricacies of the oil market.
One more reason for the White House to hate it.
However, it concluded that removing export restrictions would encourage oil companies to produce more oil as they seek to capture higher overseas prices.
To "maximize their obscene profits," of course.
That would push global prices lower if foreign producers do not reduce their own output, the Journal reports.
Which, admittedly, they would probably do in order to try and shut down new U.S. domestic energy exploration. Heck, they're already doing it. But that would only put more downward pressure on prices at the pump, not less.
Plus, in the context of U.S. oil imports being at their lowest percentage of domestic consumption (27%) in thirty years....
Most U.S. retail gasoline is priced based on global benchmarks versus national ones, easing imports could lower prices here, according to the study.
Looks and sounds like a win-win-win proposition. Which, of course, is why Barack Obama vehemently opposes it and will never permit it.
This EIA report could have been embarrassing for him, if he still had to care about public relations and what We the People want. Happily for him, he's past such phony-baloney, plastic-banana small-"r" republican facades. We'll be paying ten bucks a gallon for gasoline yet, you just wait and see.