Why Oil is Mightier than the Sword for U.S. Foreign Policy

By Daniel J. Graeber | Sun, 29 December 2013 00:00

The American Petroleum Institute said the United States is emerging as a superpower in terms of energy and should use that leverage by exporting crude oil overseas. Some U.S. lawmakers pressing for tighter sanctions on Iran, meanwhile, oppose the export drive, suggesting potential superpower influence may run up against protectionist policies.

U.S. crude oil exports are restricted under legislation enacted in response to the 1970s Arab oil embargo. Now, with the U.S. Energy Information Administration predicting crude oil production will reach 9.5 million barrels per day by 2016, the industry and its supporters said it's time to reverse that policy.