Can We Really Afford This Possible Change?
To The Reader’s Forum:
Rep Mike McCaul, R-Texas and chairman of the House Homeland Security Committee, has proposed the lifting of the U.S. Crude Oil Ban on exports.
In 1975 Congress passed this ban in an effort to stabilize domestic oil/gas prices following the Arab Oil Embargo. A lifting of the ban would allow U.S.-produced oil to be exported and create shortages here at home, driving up the price of oil and subsequently the price of gas at the pump.
In essence we would be subsidizing the rest of the world’s energy needs. Was this proposal to simply hurt Putin, Russia and their oil exports or is it an effort to increase Big Oil’s profits. Can we afford to even contemplate a change of this magnitude?