Wednesday, January 7, 2015
U.S. Rep. Joe Barton (R-Texas) has introduced legislation that would remove all restrictions on the export of crude oil from the U.S. H.R. 5814 notes that growing domestic production from shale reservoirs has made the nation the largest oil producer in the world, but laws governing exporting are nearly 40 years old. Rep. Jim Bridenstine (R-Okla.) is an original cosponsor of the bill.
“The shale revolution has drastically reshaped America’s energy landscape, unlocking a vast supply of untapped oil and gas,” said Barton. “The most recent estimates show that the U.S. has more than enough resources to meet our domestic needs. In order to take full advantage of this opportunity, we need to rethink outdated laws that were passed during an era of scarcity. That is why I am in favor of overturning the ban on crude oil exports.”
Barton added that the rewards are expansive. “Recent analysis confirms lifting the export ban would spur economic growth and create hundreds of thousands of additional jobs, while at the same time lowering prices at the pump. It would also diversify the world oil supply—strengthening U.S. energy security and giving us more leverage in foreign policy matters. The U.S. has long been committed to free trade and open markets; it’s time we practice what we preach when it comes to energy.”
Barton said he believes there is support for oil exports from a wide range of experts and stakeholders. “Pressure to remove the ban on crude oil exports is growing from both ends of the political spectrum. I predict that no matter which party controls Capitol Hill or the White House, the ban will eventually be lifted for the same reasons Congress eventually overturned other failed government efforts to regulate energy price and supply.”
“The shale revolution has drastically reshaped America’s energy landscape, unlocking a vast supply of untapped oil and gas,” said Barton. “The most recent estimates show that the U.S. has more than enough resources to meet our domestic needs. In order to take full advantage of this opportunity, we need to rethink outdated laws that were passed during an era of scarcity. That is why I am in favor of overturning the ban on crude oil exports.”
Barton added that the rewards are expansive. “Recent analysis confirms lifting the export ban would spur economic growth and create hundreds of thousands of additional jobs, while at the same time lowering prices at the pump. It would also diversify the world oil supply—strengthening U.S. energy security and giving us more leverage in foreign policy matters. The U.S. has long been committed to free trade and open markets; it’s time we practice what we preach when it comes to energy.”
Barton said he believes there is support for oil exports from a wide range of experts and stakeholders. “Pressure to remove the ban on crude oil exports is growing from both ends of the political spectrum. I predict that no matter which party controls Capitol Hill or the White House, the ban will eventually be lifted for the same reasons Congress eventually overturned other failed government efforts to regulate energy price and supply.”
