House panel to consider bill that would lift U.S. oil export ban

The House Subcommittee on Energy and Power is meeting on Thursday to consider H.R. 702, which would lift the 40-year-old ban on U.S. crude oil exports.

The purpose of the bill would be “to adapt to changing crude oil market conditions,” namely that the U.S. is producing far more natural gas and crude oil than when the export ban went into effect.

Energy and Commerce Committee Chairman Fred Upton (R-MI) and Energy and Power Subcommittee Chairman Ed Whitfield (R-KY) made a joint statement, saying that the U.S. has flipped the script on energy.

“Our newfound abundance has been a game-changer, making President Ford’s oil export ban obsolete,” the statement said. “The benefits of lifting the ban are many – it would boost domestic energy production, create jobs and improve our energy security. We can also help our allies around the globe who are desperately seeking a safe and secure supply of energy. We have taken a thoughtful approach to reconsidering oil exports, and the time to lift the ban is now.”

H.R. 702 was introduced in February by former Energy and Commerce Committee Chairman Joe Barton (R-TX).

“It’s past time for America to embrace our energy abundance,” Barton said. “For too long, 1970s-era restrictions have prohibited most exports of American crude oil. It’s a win for the consumer, a win for the producer and a win for America’s strategic interests.”

An electronic copy of H.R. 702 can be found on the Energy and Commerce Committee’s website: http://energycommerce.house.gov/news-center.