Comment by yellowapple
19 hours ago
> One merely has to look at current US gas prices to see how utterly silly that notion is!
We could probably slash gas prices by banning oil exports, thus removing domestic oil supply from global market pricing (barring smuggling). The oil industry would probably hate that, though, for obvious reasons.
Ultimately, though, this is yet another wakeup call for why an economy and society built around lighting a finite resource on fire is a bad idea, and hopefully this time around that wakeup call sticks.
> We could probably slash gas prices by banning oil exports, thus removing domestic oil supply from global market pricing (barring smuggling).
To my understanding, you couldn't do this, no. The US is a net oil exporter, but many of its refineries are tuned for processing oil with a chemical composition that isn't found in the US, or not found in sufficient quantity. So the US has to both import and export oil, it can't just replace imports with exports.