Report: U.S. incomes increase with oil exports

12-Aug-2015 HOUSTON, Aug. 12 (UPI) -- Ending the ban on the export of crude oil sourced from U.S. basins would result in a per household labor income increase of $158 per year, a report finds.

Consultant firm IHS published an installment in a series of reports reviewing potential benefits of ending the 1970s ban on exports of U.S. crude oil. The report finds the economic activity that would come as a result of ending the ban would support an additional 124,000 jobs on average through 2030, with a peak 293,000 by 2018.

A Senate committee on energy voted in July to repeal a 1970s-era ban on crude oil exports. Committee Chair Sen. Lisa Murkowski, R-Alaska, has moved several pieces of legislation aimed at ending a ban on U.S. crude oil exports, arguing removing the ban would boost economic strength at home while advancing U.S. national security interests overseas.

The ban was enacted after Arab members of the Organization of Petroleum Exporting Countries placed an embargo on crude oil exports to the United States in response to Washington's support for Israel.

The report from IHS finds removing the ban will result in real and direct impacts on the overall U.S. economy. (by Daniel J. Graeber, United Press International)