The specter of the United States, and potentially other nations, releasing emergency barrels has already helped to lower oil prices. After topping $85 a barrel in late October, US oil prices have declined about 10%. "A ban on US crude oil exports will boost domestic supply and put downward pressure on prices for American families," the letter from House Democrats said. "I'm not a fan of banning oil exports," Zandi, the chief economist at Moody's Analytics, told CNN in an email. "I doubt it will meaningfully lower gasoline prices, as the price of gas is largely determined by global oil prices and not the price of domestically produced oil.

Source: CNN November 23, 2021 15:27 UTC