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Petroleum industry

Bipartisan U.S. Senate Passes Legislation Lifting Outdated Trade Restrictions on U.S. Crude Oil Exports

Strategic Insights

— 2 min read

The U.S. Senate has passed legislation that sets federal spending levels for the Fiscal Year 2016, including a provision that lifts the outdated trade restrictions on U.S. crude oil exports. This decision is a significant victory for independent oil and gas producers, who drill 95 percent of the nation's oil and natural gas wells and produce the majority of the U.S. crude oil. The lifting of the ban is expected to generate significant savings for American families and consumers, as the United States produces more energy than ever before, with production at its highest levels in decades.

Key Takeaways:

  • The U.S. Senate passed legislation with a bipartisan vote of 65-33, which includes a provision lifting the outdated trade restrictions on U.S. crude oil exports.
  • Independent oil and gas producers, who drill 95 percent of the nation's oil and natural gas wells, will benefit from the lifting of the ban, which will allow them to export surplus U.S. crude oil.
  • The United States is producing more energy than ever before, with production at its highest levels in decades.
  • The ability to export surplus U.S. crude oil is crucial for Americas producers and the economy, as it will generate significant savings for American families and consumers.
  • The U.S. House of Representatives has also approved legislation that includes language to lift the ban on American crude oil exports, with the funding bill now heading to President Obama's desk for his signature.
  • The lifting of the ban is expected to strengthen America's energy future, as the country becomes a stable supplier of energy amidst global turmoil.
  • IPAA President and CEO Barry Russell thanked Senators on both sides of the aisle for their determination on U.S. crude oil exports and urged President Obama to follow Congress' lead and sign the legislation into law.

Statistics:

  • 95%: The percentage of U.S. oil and natural gas wells drilled by independent producers.
  • 65-33: The bipartisan vote by which the U.S. Senate passed the legislation.
  • 2016: The Fiscal Year for which federal spending levels will be set by the legislation.
  • Record levels: The United States is producing energy at its highest levels in decades.
  • Surplus U.S. crude oil: The amount of oil that can now be exported after the lifting of the ban.
  • Significant savings: The expected cost savings for American families and consumers due to the lifting of the ban.

Sources:

  • IPAA (Independent Petroleum Association of America) President and CEO Barry Russell.
  • [No publication date] U.S. Senate.
  • [No publication date] U.S. House of Representatives.

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