A revival in US crude oil production is expanding economic activity across the nation through an interdependent, technology-driven supply chain that provides the goods and services that are required for resource development. Continued growth and prosperity in the crude oil supply chain could be truncated, however, as outdated crude oil export policies restrain market access and hinder investment and production. System gridlock – already observed for short periods – could cause a greater chilling effect on investment and job growth, particularly in an environment of lower global crude prices and higher volatility. The supply chain and indeed the nation as a whole have benefited from investment in US oil production and infrastructure in the face of restricted global market access.
The US Crude Oil Export Decision report examined the historical context of the US export policies; the oil industry response to a change in policy; and the macroeconomic benefits from free trade accruing to US consumers and broadly throughout the economy. This study, Unleashing the Supply Chain: Assessing the Economic Impact of a Crude Oil Free Trade Policy, tracks the flow of capital expenditures through sixty industry sectors that substantially comprise a large percentage of the oil industry’s upstream supply chain. Capital investment and operating spending in the oil industry, as measured by direct spending within the oil industry's Tier 1 suppliers (those suppliers with whom upstream operators directly spend capital and operating funds), trigger multiple streams of additional economic activity throughout and extended multi-tiered supply chain that has wide geographical impacts at the national, state, and local levels. These impacts are retrievable through this web-based data tool.