For whatever reason, even with the oil trade embargo in place, which according to the editors should lead to a glut of oil in America and downward pressure in price, the oil companies are still pumping it out of the ground.
The editors suggest we should get rid of the oil trade embargo so that oil companies will continue to pump oil out of the ground even with a supposed glut.
This is shear contradictory nonsense.
If we repeal the ban to be good libertarians then that is just so that our libertarian scruples won't be hurt. It might also help in the long term to keep the oil companies pumping out oil.
Meanwhile, according to the editors, there should be a glut of oil in the American market and gas prices should be plummeting.
The fact that they are not is quite suspicious.
If crude is selling for $100/bbl delivered to the USA and the cost of production in whogivesash!t is $40/bbl with another $10 in payoffs and another $10 for security and another $10 for transport, that oil has less margin than domestically produced oil at $65.
This push by the producers is a clear indicator the overall cost of delivery is less in the USA than oil sourced elsewhere.
However, that is NOT a reason to allow export. The reference "glut" mentioned by the author has not materialized and will not until domestic oil is above 10mil bbl/day.
A far better move would be to tariff all imported oil by $25/bbl flat.
And drill, drill, drill.