I used to be very ambivalent about this because in the end I want lower energy prices. But it would not be good to collapse oil prices before the USA is totally oil independent. I figure that will happen about 2019-20. So in the meantime I support keeping oil prices high by allowing oil exports.
What I don’t understand is why the refiners don’t just add new capacity that is adapted to light sweet crude. Its kind of a waste to export crude rather than the finished product.
Some of that is happening. The problem is it takes years to make major changes to refineries for that. And if the export ban doesn't get reduced soon, that supply might start to diminish before they would get their investment paid off.
I and this author believe that banning exports may lead to a short-term price dip, but long-term would keep the same relatively high prices with the production coming from overseas.
There is one being built in the Bakken;
http://www.calumetspecialty.com/about-us/facilities/dakota-prairie-refining