gcomeau wrote:WeberFan wrote:SNIP
Don
Actually, the US Government CAN ban the sale of US-produced crude oil on the international market. In fact, up until recently (late 2015/early 2016 IIRC) that was exactly the case. The US banned international sales of US crude in 1975 following the Arab Oil Embargo. A US Oil company could import crude oil from overseas, refine it, then sell the refined products. No issues. But it was illegal to sell crude oil produced in the US on the international markets.
(And now maybe TFLY can tell us all about how for all that time US domestic oil prices were miraculously much lower somehow...)[/quote]
The US was very reliant on oil imports up until a few years ago. Domestic prices were coupled to international prices. US didn't impose any price controls on domestic producers or impose an import duty because the US wanted to encourage production.
It is plausible that the US might enable massive exports which would equalize prices with the rest of the world. However; it is difficult to imagine a Democrat or Republican administration telling Americans that they will have to pay $10 per gallon for rationed gasoline and high unemployment so that Europeans can have gas.
It would be interesting to read your explanation of why Americans would tolerate that. May be the US would allow export but with a $50 per barrel tariff?