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Petroleum industry

Bipartisan Support for Lifting US Crude Oil Export Ban

Strategic Insights

— 1 min read

U.S. Sens. Lisa Murkowski and Heidi Heitkamp have been leading the charge to lift the ban on U.S. crude oil exports for over a year, with bipartisan support growing in both the Senate and House of Representatives. The House recently approved legislation to lift the ban, which was introduced by Reps. Joe Barton and Henry Cuellar and cosponsored by 135 members from both parties. The proposed bill, H.R. 702, aims to level the playing field for U.S. oil producers, creating jobs and contributing to energy security and independence.

Key Takeaways:

  • U.S. Sens. Lisa Murkowski and Heidi Heitkamp have been leading the effort to lift the ban on US crude oil exports since May, with bipartisan support growing in both the Senate and House of Representatives.
  • The House recently approved legislation to lift the ban, with 135 members from both parties cosponsoring the bill, H.R. 702.
  • Studies from the Government Accountability Office and the U.S. Energy Information Administration suggest that lifting the ban would stabilize oil and gasoline prices, as well as the oil market.
  • Lifting the ban would allow U.S. oil producers to compete evenly with global counterparts, create jobs, and contribute to increased energy security and independence.
  • Senators Murkowski and Heitkamp have been meeting with colleagues to explain the benefits of lifting the ban, with growing bipartisan support for their legislation.

Statistics:

  • 135 members of the House of Representatives have cosponsored the bill to lift the ban on US crude oil exports (H.R. 702).
  • The non-partisan Government Accountability Office and the U.S. Energy Information Administration have conducted studies supporting the lifting of the ban.
  • The current ban on US crude oil exports has been in place for over 40 years, since 1975.
  • The US has the largest oil reserves in the world, with an estimated 70 billion barrels of oil in reserve.

Sources:

  • The Senate Energy and Natural Resources Committee
  • U.S. Sens. Lisa Murkowski and Heidi Heitkamp
  • Reps. Joe Barton and Henry Cuellar
  • Government Accountability Office
  • U.S. Energy Information Administration

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