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Current » House Passes Bill to Lift the Crude Oil Export Ban


House Passes Bill to Lift the Crude Oil Export Ban



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House leaders celebrate victory (l-r): Reps. Phil Roe (R-TN), Steve Pearce (R-NM), Pete Olsen (R-TX), Barbara Comstock (R-VA), Joe Barton (R-TX), French Hill (R-AR), Kevin Cramer (R-ND), with Jim Patti, USA Maritime and EEIA's Toby Mack

EEIAs Supply Chain Voices Decisive
Bigger Fight Still Ahead

One of EEIA's top legislative priorities moved closer to realization on Friday, October 9 when the House of Representatives approved legislation to end the ban on US crude oil exports. The bill (H.R. 702) was passed by a substantial bipartisan majority of 261 to 159.

According to IHS Economics, lifting the ban today would result in more than 2 million barrels per day of additional crude oil production from US shale, creating up to $40 billion of new supply chain annual revenues along with 400,000 new jobs by 2018.

At a post-vote press conference on Friday, the bills principal sponsor Joe Barton (R-TX) and Majority Whip Steve Scalise (R-LA) cited EEIAs key role in the victory, broadening bipartisan support by asserting the supply chain jobs and economic growth resulting throughout the country, well beyond the oil-producing states.

EEIAs focus now moves to the Senate, where more work is needed. Legislation lifting the ban has been approved by both the Senate Committee on Energy and Natural Resources and the Senate Committee on Banking. However proponents remain several votes short of a filibuster-proof threshold of 60 votes before the measure can be brought to the Floor.

Proponents believe action is essential before Congress adjourns for the Holidays given the added difficulty of passing important legislation in a Presidential election year.


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Media

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