Charles Mason

Rebecca Martinez / Wyoming Public Media

Lifting the ban on crude oil exports would lead to lower gas prices and more oil production in the US, according to a new report from the Government Accountability Office.

US oil exports were banned after the Arab oil embargo of the 1970s. With increasing domestic oil production, industry has said the ban is outdated and has been asking Congress to lift it. University of Wyoming economics professor Charles Mason says especially with falling global oil prices, that would help Wyoming producers.

For forty years the U-S has banned the export of most all crude oil. Matt Laslo reports a new debate is raging in Washington over whether to end the ban.

MATT LASLO: The U-S banned crude oil exports after the Arab oil embargo of 1973. It’s been in place since, which has negatively impacted global oil prices. Wyoming Republican Senator John Barrasso says he’s ready to lift the ban.