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EIA: Lifting Oil Export Ban Would Not Increase Gasoline Prices for Consumers

US gasoline prices are influenced more heavily by international crude oil prices than by domestic oil prices, according to a study by the Energy Information Administration (EIA). Lifting the US oil export ban would likely raise domestic oil prices, but increased US production would increase the global supply of crude oil, resulting in lower global oil and fuel prices, according to the study released Oct. 30. Link The EIA study, What Drives US Gasoline Prices?, is the first of two reports planned over the next few weeks looking at the impacts of lifting the US oil export ban.

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