1 Mar 2014 More

US Crude Oil Exports Would Reduce Gas Prices

posted by Unknown @ 11:48 0 Comments

Crude oil exports en route

According to a new brief from the Resources for the Future, an increase in exports of US crude oil would lead to lower gas prices by more efficiently utilizing the nation’s refineries.

Most refineries in the US are set up to process heavy-grade crude, not the lighter variety like that now coming out of the Bakken in North Dakota.  “With the increased efficiency of Western Hemisphere refinery operations that would come from lifting the ban, US prices for refined products will be reduced—even if world oil prices increase,” says the brief.

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