WASHINGTON (October 30, 2014) – Senator Edward J. Markey (D-Mass.) released the following statement regarding the report released today by the Energy Information Administration titled “What Drives U.S. Gasoline Prices?”
Senator Markey said: “Today’s EIA report does not address the impact of undoing the oil export ban on oil production or prices. It would be irresponsible for proponents of oil exports to use this narrow report to draw larger conclusions about the impacts that oil exports will have on U.S. consumers. EIA has stated that it will examine additional issues in the future. That additional work is necessary to fully inform any national policy debate surrounding a change in the oil export ban.
Markey continued, “Lower U.S. oil prices are contributing to massive savings at the pump for consumers in some regions of the country. Over the last three years, consumers in some regions have saved more than $5 billion on gasoline. Lower U.S. gas prices are like a massive tax cut to help struggling families and boost our economy. Exporting American oil might be good for big oil’s bottom line, but it would harm American families and businesses, and erode our progress towards energy independence that enhances our national security.”