by Mark P. Mills
July 07, 2014
When Congress forged the Energy Policy and Conservation Act (EPCA) 40 years ago, the United States was a slave to foreign oil, its crude production was declining and domestic demand was soaring. Today, the United States is the world’s fastest growing oil-producing nation and its import dependency is disappearing. Yet current oil policy remains locked in historical time warp – the EPCA prohibits American companies from exercising the right to sell crude oil overseas. The U.S. Department of Commerce has provided a handful of waivers to some oil sellers, but the U.S. needs a wholesale legislative reversal of the export ban, such that productive U.S. companies do not have to beg federal permission to sell their products to willing buyers around the world. Such action would open up world markets to domestic businesses of all sizes, unleashing more production, generating billions in tax revenue, creating millions of jobs, and reshaping global geopolitics.