Sign in Subscribe
Petroleum industry

Bipartisan Efforts to Lift US Crude Oil Export Ban Gain Momentum

Strategic Insights

— 1 min read

Legislation to end the four-decade-old ban on U.S. crude oil exports has taken a significant step forward, as the U.S. House of Representatives has approved a bipartisan bill to lift the ban. Sen. Lisa Murkowski, R-Alaska, and Sen. Heidi Heitkamp, D-N.D., have been leading the charge to end this outdated energy policy, and their efforts have now been joined by the House. The bill, H.R. 702, introduced by Reps. Joe Barton, R-T.X., and Henry Cuellar, D-T.X., has been cosponsored by 135 democrat and republican members of the House.

Key Takeaways:

  • The House's bipartisan approval of H.R. 702 builds on momentum driven over the past year in the Senate by Sen. Murkowski and Sen. Heitkamp to end the crude oil export ban.
  • The bill has been cosponsored by 135 democrat and republican members of the House, demonstrating broad bipartisan support.
  • The ban on domestic crude oil exports has been in place since 1975, with the intention of conserving energy and keeping oil prices low.
  • Lifting the ban would allow US oil producers to compete on an equal footing with their counterparts from around the world, creating and maintaining American jobs and contributing to increased energy security and independence.
  • Studies from the non-partisan Government Accountability Office to the U.S. Energy Information Administration have found that lifting the ban would provide an opportunity to stabilize oil and gasoline prices as well as the oil market.

Statistics:

  • 135 members of the House have cosponsored H.R. 702, a bipartisan bill to lift the ban on domestic crude oil exports.
  • The ban on domestic crude oil exports has been in place for 39 years, since 1975.
  • According to the U.S. Energy Information Administration, lifting the ban would create new jobs and provide a boost to the US economy.
  • The non-partisan Government Accountability Office has found that lifting the ban would provide an opportunity to stabilize oil and gasoline prices as well as the oil market.

Sources:

  • U.S. Senate Committee on Energy and Natural Resources, Majority Office
  • H.R. 702, bipartisan bill to lift the ban on domestic crude oil exports
  • Government Accountability Office
  • U.S. Energy Information Administration
  • Statement by Sen. Lisa Murkowski and Sen. Heidi Heitkamp
  • Statement by Reps. Joe Barton and Henry Cuellar

Read more