In the last decade, the U.S. oil and gas industry won a long-fought battle to lift federal restrictions that limited exports so that it could take full advantage of the shale revolution. Today, it is unable to control the price of gasoline, diesel, and natural gas at home.
The U.S. oil and natural gas industry long fought for and in the last decade finally won release from federal restrictions that limited exports.
- The real reason behind the push was that the oil and gas industry wanted what almost every other industry in America already had: The right to sell their products to the highest bidders no matter where they lived on the globe.
- If the US were to curtail exports in order to reduce prices at home, the country would be violating long-term commitments to free trade and free markets, and would be reducing supply and thus raising prices for customers abroad.
Free-trade advocates have long insisted that all commodities should circulate freely across the globe going to the highest bidder
- They believed that government policies should not favor or subsidize one industry over another.
- Today, the country is talking about the very same issues
- Does the United States need an industrial policy regarding semiconductors?
- Should the U.S. curtail oil exports?
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