A new study says the U.S. manufacturing sector would benefit significantly if the crude oil ban were lifted.
The study, Lifting the Crude Export Oil Ban: The Impact on U.S. Manufacturing, was sponsored jointly by The Aspen Institute’s program on Manufacturing and Society in the 21st Century and the MAPI Foundation, the research affiliate of the Manufacturers Alliance for Productivity and Innovation. Econometric modeling was conducted by Inforum, a project at the University of Maryland.
"One of the most important drivers of a robust domestic manufacturing sector is the U.S. oil and gas production boom of the last five years," said Thomas J. Duesterberg, executive director of The Aspen Institute’s Manufacturing and Society in the 21st Century program and the report's co-author. "Higher levels of oil production require higher investment expenditures for capital equipment and construction, which in turn boost overall demand for goods. This stimulates the manufacturing sector and its supply and distribution chains. The resulting improvement in income and employment would boost the economy significantly."