Study: Ohio Stands to See Great Benefits if Crude Exports Ban is Lifted
A new state-by-state analysis shows that Ohio could add up to 15,948 jobs and $2.68 billion to the state economy in 2020 if federal restrictions on U.S. crude exports were lifted, said Executive Director of the API-Ohio Chris Zeigler.
“The U.S. is poised to become the world’s largest oil producer, and access to foreign customers will drive job creation here in Ohio and around the country,” said Zeigler. “When it comes to crude oil, the rewards of free trade are amplified wherever energy, manufacturing, and consumer spending drive growth. American energy exports mean new jobs, higher investment, and greater energy security.”
The new report was conducted by ICF International and EnSys Energy. It provides a state-by-state analysis of economic benefits first outlined this March in a national report, which showed that lifting export restrictions could save consumers up to $5.8 billion per year, on average, between 2015 and 2035, as higher production and efficient markets help boost supplies and lower costs.
The latest report shows that Ohio is among 18 U.S. states that could gain over 5,000 jobs each in 2020 from exports of U.S. crude oil. The study also forecasts that most states could see economic activity grow by hundreds of millions of dollars due to growing energy production and downward pressure on the prices at the pump.Read the whole article right here.
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