Senate Testimony: IHS Senior Director, Jamie Webster - U.S. Crude Oil Exports
Testimony given to the U.S. Senate Foreign Relations Subcommittee on Multilateral International Development, Multilateral Institutions and International Economic, Energy and Environmental Policy
WASHINGTON, D.C. (June 24, 2015) –Jamie Webster, senior energy director for IHS Inc. (NYSE: IHS), testified Tuesday before a U.S. Senate subcommittee on the immense changes in the global energy market and the importance of U.S. crude oil to both U.S. allies and U.S. national security.
Webster’s testimony followed up on a previously released IHS Energy study – the latest in a series – examining the economic impacts of removing the ban on crude oil exports. His testimony was given Tuesday to the U.S. Senate Foreign Relations Subcommittee on Multilateral International Development, Multilateral Institutions and International Economic, Energy and Environmental Policy. A full transcript of his testimony follows below.
Overall, IHS research has found that removing export restrictions would result in significant benefits for the economy as a whole in terms of jobs, U.S gross domestic product (GDP), household disposable income and government revenues. IHS research has also determined that lifting the ban on exports would actually lower gasoline prices since U.S. gasoline—unlike crude oil—is part of a global market, and the current crude export ban prevents additional supplies of crude from being produced.
- Press release on the most recent IHS crude oil export study: http://press.ihs.com/press-release/energy/amidst-lower-oil-prices-negative-economic-impacts-us-crude-oil-export-ban-all-m
- Download the complete IHS study at: www.ihs.com/crudeoilsupplychain
COMPLETE WRITTEN TESTIMONY
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