Releasing Petroleum Export Ban Boosts the U.S. Economy
Posted: 06/05/2014 10:06:45 Hits: 1057
It is reported that the government receipts will be increased by 1 trillion USD in 2030, prices of fuel being stabilized and raises 300 thousand jobs annually, if the Congress releases petroleum export ban which has been carried out for more than 40 years.
It is estimated that the prices of gasoline will be descended by 8 cents per gallon after releasing. The reason is that crude will enter into market and depress global prices. From 2016 to 2030, tax revenue related to petroleum will be raised by 1.3 trillion USD. The jobs are raised by 340 thousand annually and will reach to 96.4 hundred thousand.
The right for releasing petroleum export ban is held by the U.S. Congress. In 1973, Arab carried out oil embargo causing the panic about prices for petroleum and the fear of oil depletion in the U.S. For that, the Congress legislated to forbid petroleum export. In recent years, with the application of directional drilling and hydraulic fracturing techniques, the output of petroleum is raised highly. The U.S. has exceeded Saudi Arab and Russia, becoming the largest crude producer in the world. The fear of oil supply does not exist any more.
However, legal proposal about releasing petroleum export has not been put forward yet. No councilor will put forward before mid election held in November 4. Proponents will reassure the councilors form states in northeast. Oil refineries in northeast are processing crude from Bakken, North Nakota and acquiring profit currently.
Russian merger Crimea and the economic profit brought by releasing petroleum export ban start to cause concern from councilors. Otherwise, for the possibility of Russia cutting supply to Europe caused by the conflict between Russia and Ukraine, many lawmakers appeal to release petroleum export ban as soon as possible.
NO.2013 Valves catalog download
View and download valve product literature, sales brochures and more.
read more >>
read more >>
News & Events
- Xinhai is going to participate in the Valve World Conference & Expo 2018
- Xinhai Valve is going to participate in the 11th Valve World Conference 2018 in Germany, and our booth number is 3D01. You are very welcome to come and negotiate valve business with us. Exhibition in...
- What are Thread Valves?
- A thread valve is the valve with the thread and can be classified into the internal thread valve and the external thread valve. This kind of valve is connected to the pipeline with the threaded connec...
- An Introduction of Swing Check Valves
- A check valve is divided into the swing check valve (rotating around its center of gravity) and the lift check valve (moving along the axis). The check valve is one kind of the automatic valves, mainl...
- 2017 China (Zhengzhou) International Water Equipment and Technology Exposition
- Event: 2017 China (Zhengzhou) International Water Equipment and Technology Exposition Venue: Central China International Expo Center (No.210, Zheng Bian Road, Zhengzhou City, Henan Province) Date: 201...