(Above a 5 year old video on gas prices …nothing changes)
IS IT TIME TO BAN THE EXPORT OF AMERICAN GAS?
Consumer advocates angry at high gas prices are suggesting that the US restrict or ban the export of American gas. Consumers argue that if the US kept all the gas that is refined here, there would be more than enough gas for American motorists, thus gas prices would fall. The numbers back up the assertion.
According to the New York Times, domestic production of oil is at an all-time high, with the industry extracting millions of barrels more than last year. And Americans are using less gas. So why higher prices?
Experts say that gas prices are at an all-time high due in part to what happens to all the gas that is refined in the US. Now more than ever, refiners are shipping American gas out of the country. Exports of fuel have more than doubled in the last ten years. Oil companies are exporting 430,000 barrels a day of US gasoline, more than the companies are importing. All this after American taxpayers subsidize the industry.
The question many ask is: if the US bans the export of a number of items that can hurt our national interests, why isn’t gas on the list? Gas at $4.50 a gallon hurts consumers and the US economy, so why not treat American gas as a commodity that first should go to Americans, not drivers overseas.
If not an outright ban on US exports, why not a $2 a gallon tariff on US exported gas, with the proceeds going directly back to US taxpayers? And while we are at it why subsidize companies to ship products that we pay them to produce to other countries? They keep forgetting it is American gas they are sending overseas.
An export ban or tariff makes way too much sense – and with oil companies making record contributions to members of Congress, and also record profits – don’t hold your breath.
Now watch the video from 5 years ago about oil prices and profits ..nothing changes