What do you mean "allow the industry to export"?
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As it stands right now, the industry has strict guidelines about exporting, like the fact they can not or can't very easily at all. That's simply a function of the country wanting to keep the petroleum we produce in house to be captured sort of speak. This is smart policy, especially considering for decades (since at least WW2) we were in a huge deficit with regard to the production/usage dynamic and we are already beholden to countries and political entities that freaking hate us.
Fast forward to today, we are now producing more petroleum then we are using. How long will it last? How long can it last? Nobody knows the freaking answer. But sure as the sun rises in the east the petroleum industry is getting every congressman's rooster sucked in the hope they can get rid of the onerous laws that make exporting of petroleum difficult. They were already on this last year in anticipation.
I say freak that, this country spent decades getting derriere fucked every which way it could by OPEC/Russia and all the countries in the assholes of the world that hate us. So the very day our tenuous new oil production exceeds usage, we start exporting? freak that freak that freak that.
Build up stockpiles and reserves and do not allow exporting. Nobody knows how long this new revolution in production will last. For fracking to be profitable oil needs to be north of 90 bucks a barrel and that's the bear minimum. What happens if we have a prolonged slump in oil prices? Then fracking will be shelved and oil production will go down as will discovery and research into new techniques..................
Then you know what Tommy? We are back where the freak we started, having to blow the shieks in the middle east, get in bed with dictators like Chavez or Putin. So no we should not allow exporting, it's freaking patently freaking stupid.