New report shows consumers could pay between $16 and $25 billion a year more at the pump if oil export ban is lifted

Washington – Today, Sen. Edward J. Markey (D-Mass.) responded to a new report issued by The CRUDE Coalition showing that American families stand to face significantly higher costs at the pump if the four decade-ban on exporting American crude oil is lifted. The new report shows that consumers could pay between $16 and $25 billion a year as a result of higher prices. The new report comes one day before the Senate Energy and Natural Resources Committee is slated to markup legislation that would lift the export ban.

“Despite the claims of Big Oil, this new report confirms yet again that lifting the ban on exporting American oil overseas will raise prices at the pump for American consumers. The oil industry’s push to repeal the export ban is nothing more than an attempt to transfer tens of billions of dollars a year from consumers’ pockets to oil companies’ profits. At a time when we still import roughly five million barrels a day from foreign nations, it is premature to consider repealing this law that protects American consumers, businesses and our national security.”

In June, Senator Markey and 12 Senators urged President Obama not to lift the longstanding ban on exporting American crude oil. In the letter, the senators point to the harm consumers, businesses and national security would face if the ban is repealed.