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In an escalation of trade tensions, Donald Trump threatened to double tariffs on Canadian steel and aluminum to 50 percent this week. This increase would have been in...
Energy and climate change are becoming ever more central to America's national security. It used to be that foreign policy and national security discussions related to energy focused...
Join the Center on Global Energy Policy at Columbia University SIPA's Women in Energy initiative (WIE), the New York University SPS Energy, Climate Justice, and Sustainability Lab, and NYU’s Center for Global...
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Founding Director Jason Bordoff testified on the US oil export ban before the Committee on Foreign Affairs, Subcommittee on Terrorism, Nonproliferation, and Trade in the House of Representatives. His conclusion is below and the full written testimony is available here (PDF).
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Conclusion
Today’s oil market looks very different than it did in the 1970s when current crude oil export restrictions were first put in place. At that time, the United States had adopted domestic price controls to combat inflation, and crude export restrictions were necessary to make those price controls effective. While price controls have long since fallen away, crude export restrictions remain. While the magnitude and timing of the impact of easing the export restriction is uncertain, particularly given the recent oil price collapse, the direction is clear: allowing US oil exports will boost US oil supply and economic activity, along with resilience to supply disruptions, credibility in the trade realm, and geopolitical influence. While trade restrictions are not an appropriate or cost- effective way to reduce greenhouse gas emissions, it is critical that more aggressive policy actions be taken to address climate change. The current statutory restrictions on oil exports are a legacy of a bygone era that doesn’t reflect today’s energy reality. On economic, security and geopolitical grounds, they should be lifted.
As Indian Prime Minister Narendra Modi makes his first visit to Washington in the second Trump administration, energy will likely take a front seat in United States-India relations. Due to...
During a speech at the World Economic Forum in Davos last month, President Donald Trump urged Saudi Arabia and OPEC to increase oil production to lower prices and exert...
