The Government Accountability Office has given new support to lawmakers and oil companies clamoring to repeal the 1970s-era ban on most crude oil exports.
GAO, the investigative arm of Congress, said in a new report on Monday that a repeal could raise domestic oil prices from $2 a barrel to as much as $8 a barrel, a potential boon to drillers. At the same time, consumers would likely pay less at the pump for gasoline, as much as 13 cents a gallon, because of expanded world oil supply.
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