How allowing export of US oil will lower the price at the pump

Fuel Fix:

The government’s top energy analysts waded into the debate on exporting crude Thursday, releasing a study asserting that the cost of gasoline in the United States is closely tied to the price of international crudes, not domestic oil.

Although the report steers clear of making any recommendations about the nation’s longstanding ban on selling most U.S. oil overseas, its finding buttresses the arguments of export advocates that lifting the trade restrictions could translate into lower gasoline prices. Selling more U.S. oil overseas — and the possible increase in domestic production to follow — is seen as lowering the price of the international benchmark, Brent crude, even as it gives a modest lift to domestic West Texas Intermediate oil.

And in the end, according to the 43-page EIA analysis, it’s the international price that matters.

“The effect that a relaxation of current limitations on U.S. crude oil exports would have on U.S. gasoline prices would likely depend on its effect on international crude oil prices such as Brent, rather than its effect on domestic crude prices,” the agency said. “Brent crude oil prices are more important than WTI crude oil prices as a determinant of U.S. gasoline prices in all four regions studied, including the Midwest.”
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The anti energy left likes to drive up the price and they use this as a vehicle for doing so.  They have an ally in the rent seeking refineries who convert the cheap domestic crude to refined products and then export them at a handsome profit.  One refiner so its profits triple in recent months.  The US should not allow these groups to manipulate the market by restricting exports.