Lifting the ban on crude oil exports will increase investment in the U.S. and generate greater economic growth. According to data from IHS Energy, a global economics consultancy, lifting the export ban would add investment of nearly $750 billion – and potentially $995 billion – in the upstream exploration and production sector. The infographic below shows the estimated investment that will pour into the sector – investment in everything from rigs to trucks – in both low and high production scenarios.
Repealing the ban would have a positive “multiplier effect” on the U.S. economy, as the benefits would be distributed through the entire energy supply chain. As IHS notes, the growth in jobs and economic benefits will be “continent-wide and not just in large oil producing states, due to substantial supply chains supporting the field production, capital spending, transportation, and refining of crude oil.” IHS estimates that 24 percent of the future jobs supporting the oil industry will be located in states that essentially produce no crude oil.