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Petroleum industry

Bipartisan Legislation Introduced to End Outdated Ban on Crude Oil Exports

Strategic Insights

— 2 min read

U.S. Sens Lisa Murkowski, R-Alaska, and Heidi Heitkamp, D-N.D., joined by 11 other Senate colleagues, have introduced the Energy Supply and Distribution Act of 2015 (S.1312) to modernize federal energy policy by lifting the decades-old ban on crude oil exports. The bipartisan legislation aims to end the outdated ban and promote energy security, create jobs, and increase economic growth by allowing American producers to sell their product on the world market.

Key Takeaways:

  • The Energy Supply and Distribution Act of 2015 (S.1312) is a bipartisan legislation aimed at ending the outdated ban on crude oil exports.
  • The ban, in place since the 1970s, has been deemed outdated by Sens. Murkowski and Heitkamp, who argue that it constrains market access and hinders the energy industry's growth.
  • The legislation has 12 cosponsors, including Sen. Hoeven, R-N.D., Barrasso, R-Wyo., McCain, R-Ariz., Corker, R-Tenn., Alexander, R-Tenn., Risch, R-Idaho, Flake, R-Ariz., Capito, R-W.Va., Inhofe, R-Okla., Rubio, R-Fla., and Lankford, R-Okla.
  • Sen. Hoeven estimates that removing the ban will increase the supply of oil on the world market, bringing the price of crude down globally, which will bring down the price of gasoline and other fuels for consumers.
  • According to the Energy Information Administration, lifting the ban will increase the supply of oil on the world market, leading to lower gasoline prices for American consumers.
  • The legislation aims to promote energy security, create jobs, and increase economic growth by allowing American producers to sell their product on the world market.
  • Sens. Lankford and Roe, R-Tenn., expressed support for the bill, citing its potential to create good-paying jobs, unleash a robust recovery, and promote U.S. energy interests abroad.

Statistics:

  • 11 Senate colleagues have cosponsored the Energy Supply and Distribution Act of 2015 (S.1312), including Sens. Hoeven, R-N.D., Barrasso, R-Wyo., McCain, R-Ariz., Corker, R-Tenn., Alexander, R-Tenn., Risch, R-Idaho, Flake, R-Ariz., Capito, R-W.Va., Inhofe, R-Okla., Rubio, R-Fla., and Lankford, R-Okla.
  • The Energy Information Administration estimates that removing the ban will increase the supply of oil on the world market, leading to lower gasoline prices for American consumers.
  • According to Sens. Hoeven and Lankford, the legislation aims to create good-paying jobs, unleash a robust recovery, and promote U.S. energy interests abroad.

Sources:

  • U.S. Senate Committee on Energy and Natural Resources, Majority Office:
  • Energy Information Administration:

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