Click here to access our library of free, downloadable oil and gas reports. Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. By continuing to browse you agree to our use of cookies. List of U. ExxonMobil Corp. Upstream companies Abraxas Petroleum Corp. Amplify Energy Corp. Anadarko Petroleum Corp. Antero Resources Corp.
Apache Corp. Approach Resources Inc. California Resources Corp. Callon Petroleum Co. Camber Energy Inc. Centennial Resource Development Inc. Chesapeak Energy Corp. Cimarex Energy Co. Citadel Exploration Inc. CKX Lands Inc. CNX Resources Corp. Cobalt International Energy Inc. Comstock Resources Inc. Concho Resources Inc. Yet the United States only exported 68, barrels of crude oil per day to Canada in In contrast, the United States produced an average of 6.
The only real-world experience of the impact of lifting an oil export ban occurred following the removal of a ban on Alaska oil exports in Before the ban was lifted, much of this oil was shipped to the West Coast. After Congress eliminated the ban, gasoline prices rose in that area. As noted in a CRS report:. But by West Coast gasoline was 15 cents per gallon higher. When crude exports stopped in , the average divergence for the full year was 12 cents; it narrowed further in and to 10 and 7 cents respectively.
This experience suggests that lifting the crude oil export ban could similarly raise gasoline prices because 68 percent of the price of a gallon of gasoline is the price of oil, according to EIA. Since the price of crude oil is the primary component of the price of gasoline, actions that raise the price of domestic oil should also raise the price of gasoline.
Additionally, domestic oil exported overseas would be replaced by more-expensive imported oil, which could then be reflected in higher gasoline prices.
After all, if oil producers have more options for selling their product, they can command a higher price. As Sen. The lower domestic price for oil benefits families, businesses, and the overall economy. Crude oil exports could raise the U.
This would enrich oil companies at the expense of everyone else. EIA, however, did conduct an analysis of the impact of an increase in natural gas exports, finding that:. Increased natural gas exports lead to increased natural gas prices. Larger export levels lead to larger domestic price increases, while rapid increases in export levels lead to large initial price increases that moderate somewhat in a few years.
Unlike oil, there is not a worldwide market price for natural gas. Moreover, crude oil produced in the United States is feedstock for refined products that are sold domestically and internationally and not subject to export limitations. This complicates the analysis of price effects in U.
Nonetheless, this finding that natural gas exports would increase the domestic price of that commodity could be instructive. Ideally, EIA would conduct a comprehensive analysis to gauge the expected impacts on domestic crude oil and refined product prices that would occur from lifting the ban.
Supply and demand changes reduced oil imports by 46 percent from to The less oil we import, the more secure our oil supply. EIA projects that U. Branded stations may not necessarily sell gasoline produced by the companies that own the stations.
Gasoline from different refineries is often combined for shipment through pipelines, and different companies that own service stations in the same area may purchase gasoline at the same bulk storage and distribution terminal.
The only difference between gasoline at one company's fueling stations and gasoline sold by another company is the small amount of additives that some companies blend into the gasoline after it leaves the pipeline and before it gets to their fueling stations. Even if EIA could determine the origin of the gasoline sold at fueling stations, the source of the crude oil and other liquids used at refineries may vary. Most refiners use a mix of crude oils from various domestic and foreign sources.
The mix of crude oils can change based on the relative cost and availability of crude oil from those sources. Gasoline explained Where our gasoline comes from.
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