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With U.S. crude oil production nearly doubling from 2009 to 2015, Congress repealed the crude oil export ban in December 2015—allowing the free export of U.S. crude oil worldwide.
We found that repealing the ban was associated with:
Expanding the market for U.S.
Rising oil prices, resulting from growth in energy consumption by rapidly developing Asian nations and by most industrialized nations, have increased concern about competition over oil and natural gas resources.