America can drill its way out of a global recession if the government would get out of the way.
Inside Sources (7/31/22) reports: "Progressive Democrats are demanding a ban on all U.S. oil exports, claiming it would drive down the price of gas at the pump. Nationalist Republicans are attacking the Biden administration for selling oil from the Strategic Petroleum Reserve on the open market, allowing millions of barrels to be bought by China. But new research shows allowing U.S. oil and gas exports abroad leads to more wealth and work for Americans here at home...While the news may come as a surprise to some people and politicians, organizations including the Institute for Energy Research (IER) say this is precisely what needs to be done. 'In a basic economic sense, increasing the market for a product is likely to lead to increased production of that product,' IER Director of Policy Kenny Stein tells Inside Sources. 'So, allowing U.S. oil to be sold to anyone at higher international prices naturally led to increased domestic investment and production.' Additionally, a crucial problem with the crude oil export ban was U.S. refineries on the Gulf Coast were not designed to refine the types of light oil that were booming due to the hydraulic fracturing (aka 'fracking') revolution. If the light oil could not be exported and domestic demand was limited, Stein said there was little incentive to continue investing in increased production. 'Lifting the export ban allowed domestic production to truly take off, turning the U.S. into a net oil exporter for the first time in more than 50 years,' said Stein. 'Lifting the export ban should always have been considered a slam dunk policy move, all upside, and no downside, and this study shows that clearly.'"
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“You don't say, ‘We're going to ban all iPhones. And then I promise to replace it with my renewable phone made of wood.’ Nobody would accept that. But we say, ‘Oh yeah, let's replace all fossil fuels with forms of energy that have not been proven whatsoever’”
– Alex Epstein,
Center for Industrial Progress
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