Senate Votes to End Decades-Old Ban on Alaskan North Slope Crude Oil Export

Strategic Insights -

Members of a petroleum and maritime industry coalition have welcomed the U.S. Senate's vote to end the decades-old ban on the export of Alaskan North Slope (ANS) crude oil, citing the decision's potential to create jobs in California and Alaska and provide energy security for all Americans. The Senate's approval of S-395, authored by Senators Frank Murkowski and Ted Stevens, follows the Clinton Administration's announcement of support for lifting the ban in March. A House sub-committee is expected to mark up a companion bill, HR-70, on Wednesday.

Key Takeaways:

  • The Senate voted 74-25 to approve S-395, a bill aimed at ending the ban on ANS crude oil export, with Senators Murkowski, Stevens, Feinstein, and Dole leading the effort.
  • The bill's passage is expected to stimulate the petroleum and maritime industries, spurring production by as much as 150,000 barrels daily, creating up to 7,000 new jobs, and generating tax revenue at the federal, state, and local levels.
  • Lifting the ban is projected to benefit the economy, with the Department of Energy study concluding that the moratorium's repeal would strengthen the nation's economy.
  • The coalition, which includes Berry Petroleum's CEO Jerry Hoffman and BP America's Chairman and CEO Charles H. Bowman, welcomed the Senate's vote, highlighting its potential to create jobs and provide energy security for all Americans.
  • The Clinton Administration's support for lifting the ban and the bill's considerable backing in the House of Representatives suggest a national energy policy that will serve the country well.

Statistics:

  • The Senate voted 74-25 in favor of S-395.
  • The Department of Energy study estimated that the economy would benefit from the ban's repeal by spurring production by as much as **150,000 barrels daily**.
  • The ban's repeal is predicted to create up to **7,000 new industry jobs**.
  • Tax revenue is expected to be generated at the federal, state, and local levels.

Sources:

  • U.S. Senate Press Release
  • PRNewswire, May 16, 1995
  • June 1994 Department of Energy study
  • Speech by Senators Murkowski, Stevens, Feinstein, and Dole on the floor of the Senate
  • Congressional action on S-395 and HR-70
  • Statements by Jerry Hoffman and Charles H. Bowman