Senate Committee Votes to Lift Oil Export Ban

by Elizabeth Alford on August 3, 2015

The 40 year-old oil export ban is one step closer to being history as the U.S.Senate Committee on Energy and Natural Resources (ENR) passed a bill that would lift the prohibition.

Related: Oil Export Ban May Hurt Economy

The bill was introduced in May and was sponsored by Sen. Lisa Murkowski along with Sen. Heidi Heitkamp and nine other senators. The 12-1o committee vote last Thursday fell along party lines and indicate there is a large gap among lawmakers on this issue.

Sen. Murkowski said “It’s the result of collaborative efforts by members of this committee to boost offshore development, allow revenue sharing for coastal producing states and lift the outdated ban on crude exports.”

Opponents of the bill having concerns that that doing so may cause the price of motor gasoline to rise. But otehr evidence suggest that isnt the case. In march, IHS issued a report on the implications of the current ban and concluded that lifting the export ban could create hundreds of thousands of additional U.S. jobs and add billions to the U.S. economy. The report says that eliminating the ban will have far-reaching consequences for the U.S. economy including:

  • Further increases in domestic oil production

  • Lower gasoline prices

  • 964,000 additional jobs

  • Benefits to manufacturing and service-related sectors in every state

  • Strengthening national security and America’s position in the world

Now that the bill has passed committee, it will now move to the full Senate after the August break.

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