About 76% of Americans think allowing U.S. oil producers to sell crude to customers in countries that are already trading partners would have a positive impact on the economy, according to a new FTI Consulting poll from Producers for American Crude Oil Exports.
The poll questioned about 1,025 random registered voters via telephone from across the country between Feb. 2-5 so as to reflect the geographic and demographic American constituency.
“Registered voters recognize that domestic oil production is increasing, and they believe this trend is positive for the economy. Voters overwhelmingly support allowing American oil producers to sell crude oil to customers in the U.S. and to customers in countries who are trading partners,” FTI said in the report. “Moreover, they believe that pursuing this policy would benefit the American economy, improve the United States’ global strategic position, benefit consumers, and reduce the trade deficit.”
According to FTI, voters found significant benefits in loosening government restrictions on American producers:
- 76% expected the overall impact on the U.S. economy would be positive.
- 74% believed it would make the U.S. less dependent on oil from other countries.
- 74% thought it would create more American jobs.
- 73% said it would strengthen America’s strategic global position.
- 63% anticipated the increase in supply would cause prices for crude oil, gasoline and diesel fuel to decrease.
- 59% said the U.S. trade deficit would get smaller.
The U.S. has banned the export of crude for the last 40 years, with the exception of small quantities, mostly delivered to Canada or re-exported from other countries that sell oil to the U.S. and is then exported elsewhere. Recent production highs, based largely in part on advances in shale technology, have created some oversupply and burdened the economy with a dramatic decline in oil prices.
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