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File photo of workers on an oil derrick outside of Williston, N.D.
File photo of workers on an oil derrick outside of Williston, N.D.
(Gregory Bull/The Associated Press)

CARL MORTISHED

U.S. oil hoarding will choke global recovery

The U.S.-EU trade talks have barely started, and already, perilous potholes have been spotted on the road: the French cultural exception, the European ban on the import of genetically modified foods and the embarrassing discovery that American spooks might have been hacking into Chancellor Angela Merkel’s Facebook account. But these are minor bumps compared to the looming crevasse on the horizon: America’s continuing ban on the export of U.S. crude oil. This flagrant example of U.S. trade protectionism distorts oil prices, promotes inefficiency and denies the world the benefit of cheaper energy.