Washington, D.C. – The House Energy and Power subcommittee voted today to report H.R. 702 – bipartisan legislation that would lift the ban on U.S. crude oil exports – to the full Energy and Commerce committee for consideration.
“We applaud members of the Energy and Power subcommittee for voting to move this critical piece of legislation to the full committee for consideration,” said George Baker, PACE executive director. “Over the past nine months, a large and growing body of authoritative independent studies has affirmed that lifting the ban on crude oil exports would benefit our economy, create and protect jobs, enhance our national security and reduce the price at the pump for consumers. Today’s vote is a reflection of this research and the broad, growing consensus that lifting the ban is good public policy.”
Legislation to lift the ban has gained considerable support over the past few months, with more than a dozen former senior Obama and Clinton Administration officials, governors, labor unions, think tanks from across the political spectrum and editorial boards all advocating for this change in policy.
An Energy Department analysis released last week confirmed much of the previously released research on the impact lifting the ban on crude exports would have on refined product prices, including gasoline, noting that “Petroleum product prices in the United States, including gasoline prices, would be either unchanged or slightly reduced by the removal of current restrictions on crude oil exports.”
This analysis went on to conclude that “With or without current crude oil export restrictions, domestic refiners are also expected to maintain a significant advantage compared to offshore refiners given the continued projected availability of low-cost domestic natural gas, which is used as both a fuel and feedstock by refiners.”