US should permit increased production of oil and gas

William O'Keefe:
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Additional crude oil exports put downward pressure on prices. That has three effects. It lowers the cost of diesel and gasoline prices here. It complicates Russia’s decision to curtail oil exports to Europe since its main source of revenue is oil and natural gas sales. Third, additional production here would further reduce our imports, keeping more investment dollars here instead of sending them to oil exporting nations.

Expanding our ability to export LNG would strengthen our relations with EU nations, which are in need of repair. While Europe complains about US leadership, it has depended on it since the end of World War II but it isn’t getting it. More and more, leading from behind looks like retreat. The EU has been trying to get the US to include a specific energy component in the Transatlantic Trade and Investment Partnership that is being negotiated. But again, the Obama Administration is slow walking.
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It makes so much sense that only the Obama administration would be opposed to it.  They are letting their carbon phobia overrule common sense.  Creating artificial scarcity in the US does not reduce consumption, it only helps despots like Putin market their own oil.

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