Former Top Aid to Obama Calls for Exporting Oil
In addition to the most recent Brookings report that shows some of the benefits of lifting the United States ban on crude oil exports, Larry Summers is also calling for an end to the ban.
Summers, the former top economic advisor to President Obama, also agreed with Brookings that lifting the ban would lower domestic gasoline prices, create jobs and increase economic growth.While he is unsure if the president will lift the ban, he says the ban, which was put in place in 1975, can only be removed if the president finds that it is in the nation’s best interest.
Larry Summers also added that the only losers of lifting the ban would be the refineries that are currently benefiting from cheaper global crude prices.
