The House Subcommittee on Energy and Power will hold a markup session on Thursday to consider H.R. 702, which would lift the ban on U.S. crude oil exports that has existed for 40 years.
“This week’s vote continues the committee’s work on lifting the 40-year-old ban on crude oil exports.” Energy and Commerce Committee Chairman Fred Upton (R-MI) and Energy and Power Subcommittee Chairman Ed Whitfield (R-KY) said. “We’ve flipped the script on energy. Our newfound abundance has been a game-changer, making President Ford’s oil export ban obsolete.”
The hearing will be held at 10 a.m. EDT in room 2123 of the Rayburn House Office Building.
“The benefits of lifting the ban are many,” the legislators said. “It would boost domestic energy production, create jobs and improve our energy security. We can also help our allies around the globe who are desperately seeking a safe and secure supply of energy. We have taken a thoughtful approach to reconsidering oil exports, and the time to lift the ban is now.”
“It’s past time for America to embrace our energy abundance,” Chairman Emeritus Joe Barton (R-TX), who actually introduced H.R. 702, said. “For too long, 1970s-era restrictions have prohibited most exports of American crude oil. It’s a win for the consumer, a win for the producer and a win for America’s strategic interests. America is a leading producer in oil production, and Thursday’s markup is an important step in ending the decades-old ban on oil exports. It’s a win for the consumer, a win for job creators and a win for America’s strategic interests.”