Influenced by a car tell. Its clear who gains from this scenario the Oil Exploration and production companies, many of which are foreign owned. With all the crude coming out of north dakota, wyoming, texas, pennsylvania and other states helping to push prices down, these Companies Want to lift the ban and sell u. S. Crude on the Global Market at higher prices largely determined by opec. And its equally apparent who would lose the american consumer, who would pay more for gasoline, more for heating oil and more for the price of an airline ticket. In in fact, according to barclays plc, lifting the export ban would stop the decline in u. S. Crude prices and cost american motorists as much as 10 billion a year in higher prices at the pump. Our countrys refinery workers also stand to lose from lifting export limits. Some recent history can help explain why. Before the shale oil boom, there was too much capacity in refineries in the northeast and along the gulf coast and many were closing. I
Executive privilege or one of the arguments that are legitimate. So well have you back soon. We are going look at the twelve recommendations and how you are going about it. I thank you for being here and for answering all the questions you did. Thank you very much. We stand adjourned. [inaudible conversations]. Emergency and Natural Energy resources will come to order. We will have a busy morning today. But i want to start with particularly exciting news. Senator landrew is having her first grand daughter in a couple hours. We will give her a round of applausei applaua applause. We wabt wanted to wanted to have this hearing because there is talk on whether extruding crude oil is in the natural interest of the people. I think it is fair to say this isnt going to be revolved over the next couple weeks. There is a lot of interest in this subject and that is why we are holding the hearing. I believe deeply in expanded trade. 16 jobs depends on International Trade in my state and trade jobs
Coming up next, crude oil exports. And the Senate Environment committee on nuclear safety. Of the members of the Supreme Court dont like something, it just reaches out and bring that into the cord and starts to pivot on that, which is of course contrary as anything could be. Cspan radio begins a series of oral history interviews with Supreme Court justices. This week from 1971, former chiefs burrell and one on online at cspan. Org and Xm Satellite Radio channel 120. A hearing on National Security strategy, Prime Minister David Cameron discusses the syrian civil war. The British Defense budget and nsa documents leaked by edward snowden. The committee is made up of the house of commons and house of lords. This is about one hour and 15 minutes. [inaudible conversations] i welcome people to the session. This is in the comments this evening. But hopefully we welcome you. Thank you. It turns out that you are most welcome nevertheless. This committee is very supportive especially that we are
Has warned that maintaing the ban may result in decelebrating or shut in production, which would be to the detriment of the nations livelihood. So many things to chew on. Many things to carry forward. We have a panel in front of us that i think is clearly knowledgeable and poised to speak to the issues if i think we will gain from the input this morning. And i think we will gain from her input their input this morning. I thank them for being here and allowing us to have the opportunity on this important discussion. Thank you for the thoughtful statement. Without the committee being hit by one of those politicfacts, i am told this is the first hearing in 25 years on this topic, so given that and the fact that we have more than 10 , a number of senators indicated they would like to make a short statement. I did not want to interrupt the Ranking Member, but when she was talking about where we have come in the past few years and production, i thank senator hoven. While as governor he did a
About the fact that we might get goalpost, get the ball through the goalpost. The United States is a leading global power. Freeomote open markets and trade. We have for the last 30 years spent a tremendous amount of diplomatic effort to promote open markets and free trade and energy. The is a vital interest of United States. I appreciate the thoughtful comments of the committee in terms of full debate on the subject. We do not want to take actions that enhance the monopoly power of opec or russia to use energy as a weapon or a tool. We want to lead from the front not from behind. Have important for us to this thoughtful debate and reevaluation of our current export policy. Avoidd to consider how to creating market distortion. We need to consider the following things. We actually export our new oil and gas. Form oft our oil in the Refined Products directly so we do not have an export ban on gasoline, propane. We are exporting that instead of exporting the crude oil. What we are discussi