Washington, D.C. — After months of debate, hearings in several House committees and more than a year of study and analysis from more than a dozen independent entities, the House Energy and Commerce Committee successfully reported H.R. 702 — legislation that would create and protect jobs, enhance U.S. energy and national security and provide broad based economic benefits — to the full House for consideration.
“Today’s bipartisan vote is an important step in the legislative process towards lifting the U.S. crude oil export ban,” said George Baker, executive director of Producers for American Crude Oil Exports (PACE). “We are very encouraged by the thoughtful conversation across the aisle and remain confident that H.R. 702 will garner significant bipartisan support on the House floor.”
Over the past twelve months, more than a dozen independent, non-partisan organizations – including the U.S. Department of Energy – have studied how lifting the ban on crude oil exports would impact jobs and the economy, the GDP, our balance of trade and gasoline prices in addition to the geopolitical and national security implications this change in policy would have on the U.S. These studies found that allowing crude oil exports to allies and trading partners is smart policy that will create and protect American jobs, put downward pressure on gasoline prices and strengthen our national security.
“Study after study continues to demonstrate that lifting the ban is sound public policy, so it’s no surprise that as policymakers and the public continue to learn more about the wide-ranging benefits associated with crude oil exports, momentum builds and support grows,” continued Baker. “We thank Chairmen Upton and Whitfield, H.R. 702 sponsors Representatives Barton, Schrader and Cardenas and other members of the committee who supported H.R. 702 in committee for their leadership on this issue.”