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Bernard L. Weinstein, The Washington Times For scurrilous attacks on the oil and gas industry, few liberals in Congress can hold a candle to Rep. Edward J. Markey of Massachusetts. Several weeks ago, Mr. Markey, who is the ranking Democrat on the House Natural Resources Committee, filed a bill that would require bidders for oil and gas leases on federal lands to certify that all production from such leases would be offered for sale only in the United States. In a press release, Mr. Markey argued that oil and gas from public lands belongs to the American people and, therefore, should stay in America. He also claims the energy industry is interested only in boosting domestic production so it can sell more oil and gas abroad. The congressman obviously doesn’t understand how energy markets work. The export of American crude oil and refined products has no impact on the global price of petroleum or the local price of gasoline in the short term. On the other hand, if we adopt policies to encourage more domestic production of oil, whether it’s consumed at home or exported, over time the additional output will help put downward pressure on prices and further reduce our dependence on imports (which have fallen from 65 percent to 40 percent of consumption since 2007). Read More
Bernard L. Weinstein is Associate Director of the Maguire Energy Institute and an Adjunct Professor of Business Economics in the Cox School of Business at Southern Methodist University. He has taught at Rensselaer Polytechnic Institute, the State University of New York, the University of Texas at Dallas, and the University of North Texas. He has authored or co-authored numerous books, monographs, and articles on the subjects of economic development, energy security, public policy, and taxation. His work has appeared in professional journals as well as the popular press. He earned an A.B. degree from Dartmouth College and an M.A. and a Ph.D. in economics from Columbia University.Full Bio
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