House Subcommittee Passes Bill to Lift U.S. Crude Export Ban

US-oil

The House Energy and Commerce subcommittee approved by voice vote today a bill designed to repeal a 40-year-old restriction on crude oil exports.

The bill will now move to the full committee, possibly at a hearing next week.

“The growing supply of American oil is outpacing domestic demand and needs a new outlet,” Energy and Commerce Committee Chairman Fred Upton, R-Mich., says at hearing.
Rep. Bobby Rush of Ill., subcommittee’s top Democrat, says can’t support repeal “at this very moment,” “We need more time” to consider impact on jobs.

Rep. Joe Barton, R-Texas, says that while amendments are likely, he expects full House and Senate approval of export-ban repeal by Christmas

The Senate energy committee in July approved separate legislation to end crude-export limits in July. The House bill number is H.R. 702.

How would such a policy change impact you and your business? Feel free to email me at kbrugh@cobrt.com and let us know what you think.

Source: https://www.bgov.com/core/news_articles/NU...