Should The US Export More Oil?

Fracking has dramatically increased US oil and gas reserves and significantly reduced the nation's reliance on foreign oil supplies. The practice was also responsible for a large part of the massive decline in energy prices over the past year, as the introduction of US crude into the market contributed to the global supply glut. With prices at the pump low and supply plentiful, some

the time has come to lift a 40 year old ban and begin exporting American crude.

Some Republican Presidential hopefuls are expected to push the idea of lifting the export ban during this year's race as a way to promote peace. With Russia and Iran providing most of the world's oil, some see an opportunity for the US to step in and reduce dependence on those nations.

Another reason lifting the ban has gained traction is the potential to create new jobs in an industry that has been struggling with cutbacks. The decline in prices has pushed many oil companies to trim their operations in order to remain profitable. Many firms reduced their workforce as drilling projects were abandoned or scaled back, but opening up an export market would likely spark renewed production.

However, some worry that once the US starts exporting crude, gas prices will rise. Refiners say the ban on crude exports keeps their crude prices low, and lifting the ban would change that. For that reason, lifting the ban could be a political nightmare as higher gas prices could cause a public backlash.