Washington–Today, the House Energy and Commerce Committee’s Subcommittee on Energy and Power passed legislation that would lift the 40-year old ban on crude oil exports. Congressman Mike Conaway (TX-11), a chief supporter of lifting the ban, released the following statement in response:
“Today, we overcame an important hurdle as the Energy and Power Subcommittee overwhelmingly voted to pass legislation that would lift the antiquated ban on crude oil exports. The economic benefits of lifting the oil export ban speak for themselves: close to a million jobs would be created in just a few years’ time, and Texas alone would see $5.21 billion in income contribution by 2020 if we were to lift the ban today.
“In addition to the economic growth our nation would see, lifting the oil export ban will also improve our geopolitical position by allowing our allies around the world to purchase their energy resources from the United States, rather than increasingly unstable countries like Russia and Saudi Arabia.
“Oil is currently the only commodity that we import but don’t allow to be exported, to the detriment of our economy. I’m glad to see my colleagues join in on the effort to lift the oil export ban. The ban is an obsolete policy, holding back economic development in West Texas and across our nation.”