Ending oil export ban would mean cheaper gasoline, Conoco exec says

|By:, SA News Editor

The U.S. would enjoy benefits ranging from the creation of more than 1M jobs to a decline in gasoline prices if it ends its 40-year-old ban on exporting crude oil, according to ConocoPhillips (NYSE:COP) senior economist Helen Currie.

Lifting the ban would allow the world’s refineries to be able to make more gasoline and diesel because it would allow more efficient allocation of crude oil around the world, Currie says.

Although the U.S. will continue import oil from a number of countries, including the Middle East, Currie believes the U.S. probably will not import much light crude oil from the Middle East because of production from the Eagle Ford and other shale plays.