Washington–Friday, the House of Representatives passed legislation to lift the antiquated ban on crude oil exports. Congressman Mike Conaway (TX-11), a cosponsor of H.R. 702, released the following statement upon passage:
“It’s great to see this critical legislation pass the House of Representatives by such a large majority. The ban on crude oil exports has plagued our nation for over 40 years now, slowing economic growth and job creation. If we were to lift the ban today, we would see close to a million jobs created in just a few years’ time, and Texas alone would see $5.21 billion in income contribution by 2020.
“In addition to the very tangible economic benefits, lifting the ban would also have a significant impact on our national security. Right now, unstable nations like Russia are controlling the energy supplies of our allies around the world. The President’s deal with Iran will allow Iranian producers to export oil, while American producers remain handcuffed by this outdated law. America can and should be a leader in the global energy market, and lifting the crude oil export ban will put our nation on that path.
“The oil export ban is a relic of the 1970s, and has no business limiting the economic possibilities of 2015. This legislation is not just a jobs bill, or a national security bill, but a policy that will shape our nation’s future in a constantly changing global landscape. I’m proud to see the House of Representatives take a stand and pass H.R. 702.”