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Economists: Exporting U.S. Oil & Gas Will Boost Economy

Economists polled by the Associated Press this month believe “lifting restrictions on exports of oil and natural gas would help the economy even if it meant higher fuel prices for consumers.”

Of the 30 economists polled by the AP, 90% agree on this issue and argue that exports would “encourage investment in oil and gas production and transport, create jobs, make oil and gas supplies more stable and reduce the U.S. trade deficit.”

Robert Johnson, director of economic analysis at Morningstar, does not share these views. He says “higher energy prices would disproportionally hurt those with lower incomes, who spend a relatively large portion of their paychecks on energy. That leaves them with less cash for other things, which, in turn, hampers consumer spending — by far the biggest portion of the U.S. economy.” 

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