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Thornberry votes to lift crude oil ban
Bill would grow American economy and jobs
Acting to grow the American economy, create more jobs, and help ensure the nation’s energy security, the U.S. House passed a bill today to repeal the crude oil export ban, H.R. 702. Congressman Mac Thornberry (R-Clarendon) is a cosponsor of H.R. 702 and voted in favor of the bill, which passed by a vote of 261 to 159.
“Removing this ban on oil exports will benefit our local oil workers and producers. This bill is a commonsense move to get rid of an outdated law,” Thornberry said. “Creating jobs in the oil field and lowering prices at the gas pump is simply good energy policy.”
According to IHS, lifting the restrictions on exports would support nearly one million additional jobs and increase domestic crude oil prices and production. The non-partisan energy analysis company also estimates that “it would cut the U.S. oil import bill by an average of $67 billion per year” and increase the average disposable income per household by $391 in 2018. In addition, IHS estimates that removing the oil export restriction could reduce U.S. gasoline prices by as much as 12 cents per gallon.
The U.S. is the only major oil producer in the world that does not allow crude oil exports. The ban on crude oil was enacted in 1973 after the Arab oil embargo.
The bill has been endorsed by organizations that include the American Petroleum Institute, America’s Natural Gas Alliance, the Western Energy Alliance, the U.S. Oil & Gas Association, the Petroleum Equipment & Services Association, the U.S. Chamber of Commerce, and the Business Roundtable.###