U.S. House Panel Votes to Lift 40-Year-Old Ban on Oil Exports

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By Matthew Daly, CTV News Sep 22, 2015

A key House committee endorsed a bill Thursday to lift the four-decade-old ban on crude oil exports, setting up a likely vote by the full House on a bill President Barack Obama opposes.

The House Energy and Commerce Committee approved the legislation, 31-19, with three Democrats joining 28 Republicans to back the bill.

The White House opposes the bill, arguing that a decision on whether to end the ban should be made by the Commerce Department, not Congress.

Lawmakers who support the bill say an ongoing boom in oil and gas drilling has made the 1970s-era restrictions obsolete.

"Numerous studies, including those from the Congressional Budget Office, Government Accountability Office and Energy Information Administration, all conclude that (allowing) oil exports would be a net jobs creator," said Fred Upton, R-Mich., chairman of the energy panel.

Lifting the export ban would also boost energy production and lower prices at the gasoline pump by increasing the overall crude supply, Upton said.

Opponents said lifting the ban would benefit big oil companies at the expense of U.S. consumers and even national security. The United States still imports about 25 per cent of oil used by businesses and consumers, a figure that could rise if some U.S. oil is diverted to international markets, said Rep. Anna Eshoo, D-Calif.

Under a best-case scenario, allowing U.S. exports would reduce gas prices by about 2 cents a gallon, Eshoo said, a small benefit for consumers but a major windfall for oil companies.

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