One of the results of the 1970s oil crisis was the U.S. ban on oil exports. The national intent was to push towards energy independence while protecting the domestic economy. This occurred 40 years ago and with the current state of oil prices and our growing independence, many believe the ban has outlived its usefulness.
The goal of the ban originally was to help the economy, businesses, and consumers. Many believe the opposite has taken place over the years and that the lift will allow for a more efficient market that encourages more investments.
With the ban lifted, smaller companies and producers will have the opportunity to expand their marketplace for oil. First Titan Corp. is one company that will be positively affected. The CEO Sydney Jim states, “Right now, we’re limited in what we can do. With the ban gone, we could easily move oil to places more willing to pay a fair price. Free trade is always good business. The domestic oil and gas industry needs this legislation – it would go a long way to easing the current slump and making us more competitive, as well as greatly aiding our revenue stream.”