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April 17, 2017, 07:41:44 AM

House Votes to End Crude Oil Export Ban

October 9, 2015 - 9:27 PM

WASHINGTON, DC – Friday afternoon, the House of Representatives passed legislation to lift the ban on exporting crude oil. The bill, which had bipartisan support, repeals the 1975 law that established the ban. The energy industry in the United States has changed dramatically since 1975 and many states have seen an energy renaissance as new technologies are making it easier to produce previously unreachable sources of energy.  Lifting the ban on crude oil exports is expected to bring a number of benefits.  Estimates by the Government Accountability Office predict lower gas prices by as much as thirteen cents per gallon and lifting the ban could support up to 964,000 additional American jobs according to an IHS report.

After voting in favor of lifting the ban, Congressman Bob Gibbs made the following statement:

“Lifting the crude oil export ban just makes sense.  As it stands now, Iran has more access to the global oil market than we allow American companies.  By lifting the ban, we can lower energy prices for every single American and help hardworking families by lowering prices at the gas pump. “

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