Today, Congressman Gary Palmer (R-AL), a member of the Science, Space and Technology Committee, voted for H.R. 702, the Energy Policy and Conservation Act, a bill which would end the ban on the export of crude oil. With advances in oil extraction recovery technology creating major increases in U.S. oil and the discovery of major oil fields in the United States, the ban now hampers America's ability to compete in international energy markets.
"I am strongly in favor of ending the ban on the export of crude oil," Palmer said. "America is in the middle of the energy renaissance. New technology has led to extensive new energy production and America is now the biggest producer of crude oil in the world, providing jobs for many Americans and lower prices for everyone. However, we are not taking advantage of enormous economic benefits because of the crude oil export ban, which compromises American competitiveness and forces American families to spend more on energy. "
As a member of the Budget Committee, Palmer successfully fought to add a policy statement that called for ending the crude oil export ban to the fiscal year 2016 budget. Palmer supported the budget, which passed in March by a vote of 228-199.
According to IHS, a business consulting firm, ending the ban on crude oil will create an average of 394,000 additional U.S. jobs between 2016 and 2030. Management consulting firm ICF International finds that removing the ban would reduce fuel costs an estimated $5.8 billion per year, up to a 2.3 cents per-gallon price decline, which would directly benefit American families.