"We need to get our mindset away from scarcity", it's time to export oil.

FT: “America’s domestic energy revolution helped drive a decline in the US trade deficit to its lowest level in four years, bolstering calls in Washington for the Obama administration to relax decades-old restrictions on the export of crude oil.”
“The government’s Energy Information Administration predicted on Tuesday that the US oil boom would continue, driven by rising production of shale oil unlocked by advances in horizontal drilling and hydraulic fracturing or “fracking”.
The EIA forecast that in 2015 US oil output could approach its record high of 9.6m barrels per day, reached in 1970.
….The share of total US liquid fuels consumption met by net imports is expected to fall to just 24 per cent in 2015, down from 60 per cent in 2005.
The contribution of the energy sector to an improvement in America’s balance of trade and its economic outlook was trumpeted by representatives of the US oil and gas industry as a reason to lift remaining restrictions on exports of their products.
Jack Gerard, president of the American Petroleum Institute, the biggest oil industry lobby group, said in Washington: “Some of these prohibitions, or policies, are vestiges of the past. We need to get our mindset away from scarcity.”
Mr Gerard urged the Obama administration to “consider and quickly review” lifting the restraints on crude exports, adding that “action should be taken” to prevent the ban from holding back oil production.”