1. The U.S. has an abundance of oil.

    America now leads the world in oil production, surpassing Russia and Saudi Arabia. The United States is producing more light oil today than at any point in recent history. Yet the U.S. still imports about 7 million barrels of crude oil each day, causing some to question why we should repeal the ban on exporting American crude oil. It’s important to note that over the past few years, the U.S. has virtually eliminated imports of light oil. These light oil imports were replaced by light oil produced domestically, mostly from shale formations.

  2. It’s actually quite common to both import and export products.

    Decisions to import or export are typically based the supply and demand for the product at that location, as well as transportation costs. Products are often both exported and imported when it makes economic sense to do so. For example, the U.S. is also the world’s leading producer and exporter of corn, yet in 2014, we still imported 635,000 metric tons. Other products that are commonly both imported and exported include gasoline, cars, computers and aircraft parts, as detailed in data compiled by Massachusetts Institute of Technology.

  3. Not all crude oil is the same.

    Oil ranges from light to heavy, high to low sulfur and sour to sweet. The bulk of the oil currently produced in the U.S. is light oil; the majority of oil that is imported is heavy.

  4. Not all refineries are the same.

    Many Gulf Coast and Midwest refineries were designed to process heavy oil from Canada, Venezuela and Mexico. To use more light crude domestically, refineries would need to pay less for their oil feedstock and would run in a suboptimal fashion, or require a significant investment in new infrastructure.

  5. Exporting AND importing crude oil makes sense.

    Light crude production already exceeds refiners’ ability to process it at certain times of the year and that is expected to get worse as more oil is produced. Experts agree the U.S. should export to refineries set up to process light oil in other countries and import heavy oil to refine in America. Exports would consume only part of U.S. production. Refiners would still have all the light oil they can process, and would still enjoy a competitive advantage over foreign refiners due to the $2- to $6-per-barrel cost of transporting U.S. oil overseas.

  6. Free trade with trusted allies is good for America and our trade partners.

    According to the U.S. Energy Information Administration (EIA), of the 7 million barrels of crude oil that are imported into the United States each day, about 39% comes from Canada and 11% from Mexico—meaning half of our daily imports come from our closest neighbors and very secure and reliable allies. The remaining 50% (around 3.5 million barrels) comes from a handful of countries, including Venezuela, Brazil, Iraq, Saudi Arabia and Colombia, among others.