Friday, March 13, 2015
U.S. Rep. Joe Barton (R-Texas), leading a group of a dozen lawmakers, has introduced H.R. 702, which would remove all restrictions on the export of crude oil from the U.S. The sponsors note that growing domestic production from shale reservoirs has made the nation the largest oil producer in the world, but laws governing export of the resource are nearly 40 years old.
“Today we are presented with the unique opportunity to undo a piece of legislation that reflects an America of yesterday,” Barton said. “New technologies have created the shale revolution, which has invigorated domestic energy production, cutting our imports, and freeing up additional supply in the global market. American energy production is at a defining juncture, and now is the time to lift the ban on crude oil exports. 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.”
Original cosponsors of the legislation include Reps. Marsha Blackburn (R-Tenn.), Jim Bridenstine (R-Okla.), John Carter (R-Texas), Steve Chabot (R-Ohio), Michael Conaway (R-Texas), Kevin Cramer (R-N.D.), Trent Franks (R-Ariz.), Bill Flores (R-Texas), Randy Neugebauer (R-Texas), Robert Pittenger (R-N.C.), Matt Salmon (R-Ariz.), and Joe Wilson (R-S.C.).
Barton said 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 have already had positive conversations with my colleagues in the Senate about introducing similar legislation. I predict that no matter which party controls Capitol Hill or the White House, the ban will eventually be lifted, but the sooner it happens the sooner we will see the benefits.”
“Today we are presented with the unique opportunity to undo a piece of legislation that reflects an America of yesterday,” Barton said. “New technologies have created the shale revolution, which has invigorated domestic energy production, cutting our imports, and freeing up additional supply in the global market. American energy production is at a defining juncture, and now is the time to lift the ban on crude oil exports. 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.”
Original cosponsors of the legislation include Reps. Marsha Blackburn (R-Tenn.), Jim Bridenstine (R-Okla.), John Carter (R-Texas), Steve Chabot (R-Ohio), Michael Conaway (R-Texas), Kevin Cramer (R-N.D.), Trent Franks (R-Ariz.), Bill Flores (R-Texas), Randy Neugebauer (R-Texas), Robert Pittenger (R-N.C.), Matt Salmon (R-Ariz.), and Joe Wilson (R-S.C.).
Barton said 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 have already had positive conversations with my colleagues in the Senate about introducing similar legislation. I predict that no matter which party controls Capitol Hill or the White House, the ban will eventually be lifted, but the sooner it happens the sooner we will see the benefits.”
