Exporting Oil and Gas Will Import Economic Growth
The most pro-economic growth measure to have emerged during the Obama administration may have been the ending of the 40-year ban on crude oil exports as well as finally providing government approval of terminals that enable the U.S. to export natural gas.
Last December Congress passed a $1.1 trillion spending bill that included the crude oil export ban repeal. The president and his administration opposed the repeal, but the bill also extended the wind and solar energy tax credits, so the president agreed to the compromise.
By contrast, liquefied natural gas (LNG) export terminals only require Department of Energy approval. And even though some permits have finally been approved, they were slow in coming.
But as a result of those changes, the U.S. is making major strides in exporting crude oil and natural gas.