Prime The Pump: The Case for Repealing America’s Oil Export Ban. Manhattan Institute for Policy Research. Mark P.Mills. July 2014.
The world looked very different 40 years ago when Congress forged the Energy Policy and Conservation Act (EPCA) that would be signed into law one year later, in December 1975, by President Ford. The Act was a matter of national urgency after the 1973 Arab oil embargo created domestic shortages, politically toxic lines at gasoline stations, and, practically overnight, pushed crude prices up some 400 percent. Now, nearly a half-century later, conditions have changed dramatically. The United States has emerged as the world’s fastest growing oil-producing nation, with the country’s import dependency disappearing no less fast. What caused this permanent, secular shift in oil markets? [Note: contains copyrighted material].
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