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Lifting the US crude oil export ban: A numerical partial equilibrium analysis

Lissy Langer, Daniel Huppmann and Franziska Holz ()

Energy Policy, 2016, vol. 97, issue C, 258-266

Abstract: The upheaval in global crude oil markets and the boom in shale oil production in North America brought scrutiny on the US export ban for crude oil from 1975. The ban was eventually lifted in early 2016. This paper examines the shifts of global trade flows and strategic refinery investments in a spatial, game-theoretic partial equilibrium model. We consider detailed oil supply chain infrastructure with multiple crude oil types, distinct oil products, as well as specific refinery configurations and modes of transport. Prices, quantities produced and consumed, as well as infrastructure and refining capacity investments are endogenous to the model. We compare two scenarios: an insulated US crude oil market, and a counter-factual with lifted export restrictions.

Keywords: Energy system model; Crude oil market; US crude export ban; Refining capacity; Infrastructure investment (search for similar items in EconPapers)
JEL-codes: Q41 Q47 Q48 C61 (search for similar items in EconPapers)
Date: 2016
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