Gas is available for export because of declining demand in the US, caused by economic slowdown, increased ethanol use, and higher-mpg cars being bought. Demand is down 550,000 bbls/day, exports are at about 500,000 bbls/day, so exports are not straining US gasoline supplies.
Can you imagine any other industry that is a employment engine, exporting millions of dollars, that folks want to GUT? So if we have a surplus in farming, we should prohibit exports in order to drive prices down? Or we should prohibit BMW from exporting cars from its South Carolina plant? REALLY?
And you say the price of oild did not change 50%. You’re right, it dropped MORE than that, $140/bbl -> $40/bbl, then up 65% to $66/bbl by June 2009. So it varied MORE than the gas price.