Because the US Congress lifted restrictions, the US has seen a 1,284% increase in oil exports since 2009. Fracking greatly increased US oil production capacity, but the oil it produced is thin and hard to refine. So, rather than use the US oil to meet US demand, thin fracked oil is exported and thick conventional oil is imported. Even with the increase, the US imports ten times what it exports. Combined with the oil price wars and emission accords, the ramifications can change national economies; but will probably be temporary. The price of oil influences which oils are worth extracting and refining, and how much is consumed and therefore how much pollution is produced. The benefits to the US oil industry therefore may be substantial and temporary. The cost to environment and climate are longer term.
(Click on the graph for the link.)