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Oil prices have declined sharply over the last six months, with the U.S. benchmark closing below $50/barrel on Jan. 6th, for the first time since 2009. A number of factors have contributed to this fall in prices, including an increase in U.S. tight oil production and decreased global demand. Beyond the immediate financial benefits of lower fuel prices for U.S. consumers, the falling price of oil raises several policy questions. Impacts on financial markets and geopolitical tensions that could be exacerbated if the low price persists are only a few of the potential issues U.S. policymakers may find themselves dealing… [more]
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Energy Secretary Ernest Moniz recently acknowledged that it may be time to lift the ban on exporting crude oil, a comment that elicited a flurry of support and opposition toward the idea and highlighted the need for a thorough debate on the issue. The ban was enacted in 1975, along with the Strategic Petroleum Reserve, as an energy supply security measure in response to the Arab oil embargoes. Since that time, the US energy landscape has changed and many are calling for a review of potentially outdated policies. “Those restrictions on exports were borne, as was the Department of Energy… [more]
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