Kyle Isakower writes in The Wall Street Journal that an export ban would mean higher gas prices for Americans.
- Democratic lawmakers have floated the idea of imposing an energy export ban to curb high gas prices.
- An export ban would disincentivize production from refineries, leading to less supply on the marketplace and higher gas prices for Americans.
- While there is no short term fix for gas prices, the Biden administration can lower costs in the intermediate to long term by reducing barriers for production and investing in key infrastructure such as pipelines.
“If the U.S. bans refined-product exports, countries in the Americas likely would replace many of those lost barrels with Russian products or Indian products derived from Russian crude. Either way, the U.S. would lose geopolitical influence in its own global backyard and likely cede it, at least in part, to Russia.”
Read the full article here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.
