"Now that the U.S. is poised to become the world's largest oil producer, the economic case for exports is clear," API Vice President Kyle Isakower said on a conference call with reporters.
"If oil can flow to the global market you will see higher production as well as more American jobs," Isakower said. The surge in global demand from ending the export ban would increase domestic oil production by as much as 500,000 barrels per day and funnel as much as $70 billion into exploration and production, he said.
The institute also said that additional benefits include generating up to 300,000 new jobs by 2020 and further whittling down the U.S. international trade deficit by $22 billion.
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The debate about the merits of exports has increased along with U.S. oil production. Some opponents say that exports could actually result in an increase in oil prices if it hits global markets, where prices are currently higher than in the U.S. Others cite national security concerns, saying that export limits assure the U.S. of adequate supplies in times of crisis.