The U.S. House of Representatives ended the week by passing a measure to lift the ban on American exports for crude oil. H.R. 702 would lift the 40 year old ban. Many energy producing states like Oklahoma would like to see the ban lifted to access global markets and get more value for the oil they produce.
Congressman Frank Lucas voted for the measure which he says is sorely needed to keep U.S. energy production growing.
“America is currently one of the top global energy producers in the world, and it’s time for us to recognize that. We should be looking for ways to take advantage of our domestic energy production, rather than stifling it through misguided government intervention. Lifting this outdated ban benefits several facets of our economy, from drivers paying less at the pump to the revitalization of rural communities who play a major role in American energy production,” said Lucas.
While H.R. 702 did receive bi-partisan support, the White House’s signal that the President disapproves the move doesn’t sit well with Lucas.
“It’s disturbing that while the president is content with allowing Iran to enter the global energy market, the United States still faces a domestic ban on the export of oil produced in our own country. In fact, many of our allies would likely prefer to import oil from us rather than more volatile nations. This legislation today simply helps recognize that Russia, Venezuela and the Middle East aren’t the only relevant oil producing nations in the world, and that our country – driven by hardworking and dedicated individuals – ought to be leading the way in energy.”
The Senate is working on a similar measure which is co-sponsored by Senator James Lankford who echoes Lucas’ sentiment concerning the President’s stance on the issue.
“The House’s strong bipartisan vote to lift the ban on oil exports sends a powerful message that the American people want policies that will provide more jobs and a stronger economy. Oklahomans know that a consistent energy market means consistent energy jobs. Responsible and safe crude oil exports should not be blocked due to extreme ideology. The time is right to remove this antiquated barrier for domestic energy production.”
The Congressional Budget Office has reported that H.R. 702 would generate $1.4 billion for the federal government over the next ten years through oil and gas leases. It also indicated that U.S. gasoline prices could be lowered by 1.5 to 13 cents per gallon.
