It is currently legal to export refined or processed products, such as fuel oil and fertilizer. In the case of refined products such as diesel and fuel oil, we are constrained in our exports by the size of our refining capacity. The glut of oil in the US must be disposed of by the industry in some way - we are now actually exporting gasoline. Using our precious refinery capacity to evade government strictures against the export of raw crude oil 1) drives down the price of oil and, 2) keeps the price of gasoline artificially inflated. Allowing export of raw crude would free up refinery capacity, allowing a lower equilibrium price for gasoline, and a boon for US consumers. It would also create a new window of opportunity through which to view depletion allowance tax credits.
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