Bill to Reverse Ban on U.S. Oil Exports Advances in House
A congressional panel voted Thursday to lift the nation’s 40-year ban on exporting crude oil.
A House panel voted to end the nation’s decades-old ban on exporting crude oil Thursday, adding momentum to a bipartisan drive to lift the 1970s-era restriction and – as one of the first meetings lawmakers scheduled after the end of their five-week recess Monday – an indication of the high priority Republicans have placed on sending U.S.-produced oil overseas.
A House Energy and Commerce Committee subcommittee approved the bill by a voice vote, sending the measure to the full committee for markup as soon as next week.
The vote comes nearly six weeks after the Senate Energy and Natural Resources Committee also moved to end the export ban July 30, less than a day after House Speaker John Boehner, R-Ohio, threw his support behind lifting the restriction.
“America is now a global energy superpower, and lawmakers are ready to bring home the economic and security benefits of crude oil exports,” API Executive Vice President Louis Finkel said in a statement.
“It’s an important step forward, and we urge House and Senate leaders to continue to make this issue a top priority in the days ahead.”
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