Allowing US Oil Export Could Push Crude Prices Higher -CBO

Lifting the ban on U.S. crude exports could push the price of domestic oil up roughly $2.50 a barrel in the coming decade, a report from the Congressional Budget Office said on Wednesday.

 

"CBO estimates that authorizing exports of domestically produced crude oil without restrictions would increase wellhead prices of light oil by an average of roughly $2.50 per barrel over the 2016-2025 period, on an expected value basis," the report said.

 

The study, which weighs how crude exports could impact the federal budget, expects dropping the ban would stoke production and boost federal fuel royalties by about $1.4 billion in the next decade.

(Reporting By Timothy Gardner and Patrick Rucker; Editing by Chizu Nomiyama)