The debate over whether to lift the ban on crude oil exports is picking up on Capitol Hill, and is pushing for removal. He explains exclusively to Breitbart News that repealing the ban would have a favorable impact on America’s agriculture and create 440,000 jobs.
On Thursday the Energy and Commerce Subcommittee will debate lifting the export ban on crude oil. The Agriculture Committee held a hearing Wednesday on the issue.
Cramer said critics argue, “Somehow lifting the oil export ban would cause the price of gasoline and fuel at the pump to also rise.” However, Cramer told Breitbart News that many independent studies show that lifting the crude oil export ban would more likely bring the price of fuel down:
Anytime you have a lot of a product – and we have a lot of oil…now that we’ve hit the wall, if we don’t have another place to sell the product, obviously production is going to stop or come down and when that happens, of course, price is going to spike again – that’s just the natural order of things, but if we can be competing in the global market place going up against Saudi Arabia – going up against Iran, that just keeps more and more production happening, creates more jobs.
Cramer pointed to recent studies that estimate there would be roughly 440,000 jobs created if the crude oil export ban were lifted.
IHS Energy estimated, “Total U.S. jobs increase due to free trade will be, on average, 394,000,” while “peak job creation in 2018 is nearly 1 million.”
The Brookings Institute adds, “Lifting the ban on crude oil exports from the United States will boost U.S. economic growth, wages, employment, trade, and overall welfare.”
On Thursday the Energy and Commerce Subcommittee will debate lifting the export ban on crude oil. The Agriculture Committee held a hearing Wednesday on the issue.
Cramer said critics argue, “Somehow lifting the oil export ban would cause the price of gasoline and fuel at the pump to also rise.” However, Cramer told Breitbart News that many independent studies show that lifting the crude oil export ban would more likely bring the price of fuel down:
Anytime you have a lot of a product – and we have a lot of oil…now that we’ve hit the wall, if we don’t have another place to sell the product, obviously production is going to stop or come down and when that happens, of course, price is going to spike again – that’s just the natural order of things, but if we can be competing in the global market place going up against Saudi Arabia – going up against Iran, that just keeps more and more production happening, creates more jobs.
Cramer pointed to recent studies that estimate there would be roughly 440,000 jobs created if the crude oil export ban were lifted.
IHS Energy estimated, “Total U.S. jobs increase due to free trade will be, on average, 394,000,” while “peak job creation in 2018 is nearly 1 million.”
The Brookings Institute adds, “Lifting the ban on crude oil exports from the United States will boost U.S. economic growth, wages, employment, trade, and overall welfare.”
