Your suggestion won’t lower prices. It would only move the dollar paid to foreign nations. Oil well are not magical machines that produce the same amount forever. It takes constant inflow of investment to keep our production from dropping.
Banning exports will not lower prices. There are two curves in economics.
Nixon’s 1973 crude export ban was intended to prevent oil producers from circumventing his socialist price controls. Politically, the ban channeled popular anger at oil producers resulting from the increase in pump prices, though the cause was OPEC, not greedy oil barons. That is still the political equation today. Even on FR, most are more concerned with what they personally will pay at the pump tomorrow than the long-term economic health of the nation. Refiners egg this thinking on, since the ban increases their crack spread. The consumer is the unwitting dupe in this, thinking that he is forcing oil producers to give him a fair shake at the pump. The reality is that all bans, embargoes and tariffs benefit a favored few. The crude export ban is a cruel joke on the consumer. Real life examples will help break this monster. Economic theory goes right over their head.
Maybe not, but I asked what your solution is....I have a feeling you have no interest at all in the concept of inexpensive energy costs.
It would only move the dollar paid to foreign nations.
Why not? Why would we buy foreign gasoline and diesel if we made all we could use right here?
Oil well are not magical machines that produce the same amount forever. It takes constant inflow of investment to keep our production from dropping.
I never suggested they were, but what does that have to do with domestic refining capacity and the retention of finished product?
Banning exports will not lower prices. There are two curves in economics.
Yes, and you've already pointed out that those parameters no longer apply since there is a so-called "global market" All that has been accomplished with the higher prices is the depression of the demand side of the equation.
That may not be a bad thing, but there is no corresponding increase in supply (and lower cost) to reward consumers for being more efficient.