House Passes Bill to End 40-Year Ban on Crude Oil Exports

Statement

Date: Oct. 9, 2015
Location: Washington, DC
Issues: Oil and Gas Trade

U.S. Representative Candice Miller (MI-10), Vice Chair of the House Homeland Security Committee and Chairman of the Subcommittee on Border and Maritime Security, released the following statement after House passage of legislation (H.R. 702) that strengthens our domestic energy production and advances our national security interests by lifting the 40-year ban on crude oil exports:

"In 1975, the export of crude oil was banned in response to the Arab oil embargo and the fear that our own domestic oil production would be too scarce. 40 years later, the U.S. stands as one of the world's largest oil producers, but as the only country in the world with such a ban on oil exports, and our domestic energy production is now crippled by this antiquated rule.

"Today, the House passed legislation lifting this export ban, which will create jobs, lower gas prices, and increase our energy and national security. It will also help the U.S. empower its allies subjected to energy shortages under the reign of coercive oil suppliers, like Russia, who use their oil supply to force their political influence."


Source
arrow_upward