Amarillo, TX - This year, the crude oil industry has suffered from significant prices drops and thousands of
lost jobs. Congressional leaders lifted a 40-year-old ban on crude oil exports last week -- and that will have a promising local outlook.
The ban was introduced in 1975 when there was an oil shortage, but local economist Karr Ingham says times are changing and lifting the ban makes sense.
"We have really cracked open huge amounts of new us supply of crude oil and so just in Texas alone, in the last five years or so, we have well more than tripled crude oil production, that's astounding," said Ingham.
The crude oil industry has struggled this year by losing buckets of money and more than 120,000 jobs.
Ingham says lifting the ban will help this industry blossom in 2016, especially in the Texas Panhandle.
"It's good for the Texas panhandle, it opens us to new markets for something that we produce locally and we produce a lot of it, it's important to our economy," said Ingham. "Domestic production will be declining, we'll be adding less to the supply that we have, crude oil in storage will hopefully start to come down, maybe demand will pick up a little bit.)
The economy analysis company, IHS says lifting the ban will add about a million new jobs by 2018.