The United States today is a large net importer of crude oil and refined products . And, yet the story that the country can somehow export crude oil as a foreign policy measure to help reduce Ukraine’s dependence on Russia won’t die. Oil executives and their surrogates keep bringing it up, and unsuspecting reporters amplify a message that has absolutely no basis. The reason for this oil industry public relations blitz on the Ukraine is rooted in the industry’s desire to end a decades-old ban on U.S. crude oil exports–one which the industry hopes to persuade Congress and President Obama to overturn. There is, in fact, a case regarding market efficiency for overturning the ban, but this is NOT the one the industry is using in its public relations campaign. Here’s why: The major effect of lifting the ban would be to allow domestic producers to sell lighter grades […]