To Adapt to Changing Crude Oil Market Conditions (H.R. 702)
An expected vote is to occur this week in the House of Representatives on To Adapt to Changing Crude Oil Market Conditions (H.R. 702; Text of Legislation ), a bill to lift a 40-year-old ban on crude oil exports. The measure is opposed by President Obama because he believes the Commerce Department should make the export decision. And on whether the White House might support an easing of the ban through other means, White House spokesman Josh Earnest declined to answer questions in September.
On September 28, 2015, on this bill that was advanced out of the Energy and Commerce Committee in September, the House Rules Committee started collecting amendments. In an effort to boost job development and investment in America's oil and gas infrastructure, the rule would lift the 1970s ban on exporting crude oil from the U.S.
The U.S. has become the largest producer of oil and natural gas in the world as a result of hydraulic fracking. The federal restrictions put in place after the Arab oil embargo are removed by the measure introduced by former energy Chairman U.S. Representative of Texas Joe Barton (R).
The Congressional Budget Office on Wednesday, September 30, 2015, issued a study showing that over the past forty years the ban has led to more than $1 trillion in lost profits for U.S. producers. Also, the bill "would reduce net direct spending by $1.4 billion over the 2016-2025 period by increasing offsetting receipts from federal oil and gas leases," said the report. Simply, revenue for the government would be raised and the economy would expand by lifting the ban.
In a report released in September by an analytic division of the Energy Department, the U.S. Energy Information Administration said as a result of repealing the ban the price of gasoline would decline. Furthermore, lifting the export restrictions would support up to 964,000 additional jobs.
Also, it has been estimated U.S. oil production could increase from the current 8.2 million barrels per day to 11.2 million barrels per day by lifting the export ban and allowing free trade. And the U.S. oil import bill could be reduced by an average of $67 billion annually from the resulting increase in domestic oil production.
Lifting the oil-export ban can enhance the nation's geopolitical standing to counter Russia's energy ambitions in the Artic and the Middle East (recent military intervention in Syria) as well as help in stimulating economic growth that has been destroyed by the failed economic policies of President Barack Obama.
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What Can You Do?
Urge your representative to SUPPORT the bill To Adapt to Changing Crude Oil Market Conditions (H.R. 702).
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