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U.S. House votes to end crude oil export ban
Beaumont Business Journal | Oct. 9, 2015 | Link

The U.S. House of Representatives passed a bill by a vote of 261 to 159 Friday, Oct. 9, to repeal the nearly 40-year-old ban on crude oil exports. The bill, H.R. 702, was sponsored by Rep. Joe Barton (R-TX), who represents the 6th district of Texas, which includes Ellis, Navarro, and Tarrant counties.

“This is a major victory for the American people,” Rep. Barton stated. Lifting the ban on crude exports will put Americans to work, enhance our national security, and lower gas prices. Over the past year we have bridged many divides to get to this point. I would like to thank Henry Cuellar for his leadership and the many outside groups that made this issue one of national importance. ”

“The House’s vote today to overturn the crude oil export ban is a strong step toward a more prosperous U.S. energy sector,” said Congressman Henry Cuellar, U.S Representative for Texas's 28th congressional district. “I come from one of the most active oil-producing regions of the country. With the Eagle Ford Shale in my district and the Permian Basin nearby, I recognize the great potential for our domestic oil industry, and I also understand the way in which it is being suppressed by this outdated export ban.

“Lifting the ban will create hundreds of thousands of jobs, increase GDP by $134 billion and raise government revenues by $29 billion. The ban harms national security by preventing the U.S. from fully utilizing all the tools in our arsenal, while at the same time allowing Russia and Iran to claim an outsize market share among our allies.”
H.R. 702 received support from a vast array of outside groups. The bill was endorsed by the U.S. Chamber of Commerce, Americans for Tax Reform, Producers for American Crude Exports, American Maritime Officers Service, and the Maritime Institute for Research and Industrial Development. This coalition includes industry, labor, producers and consumers.
“In Texas, we have seen our economy grow by leaps and bounds due in large part to the boom in energy production. Lifting the ban on exports will allow our State’s economy to continue this growth pattern and benefit all Texans,” added Rep. Joe Barton, who represents Texas's 6th congressional district Barton.

According to IHS,which provides information and analysis to support the decision-making process of businesses and governments in industries, such as chemical, energy, maritime and trade, and technology, lifting the restrictions on exports would support nearly one million additional jobs and increase domestic crude oil prices and production. The non-partisan energy analysis company also estimates that “it would cut the U.S. oil import bill by an average of $67 billion per year” and increase the average disposable income per household by $391 in 2018. In addition, IHS estimates that removing the oil export restriction could reduce U.S. gasoline prices by as much as 12 cents per gallon.

The U.S. is the only major oil producer in the world that does not allow crude oil exports. The ban on crude oil was enacted in 1973 after the Arab oil embargo.

The bill has been endorsed by organizations that include the American Petroleum Institute, America’s Natural Gas Alliance, the Western Energy Alliance, the U.S. Oil & Gas Association, the Petroleum Equipment & Services Association, the U.S. Chamber of Commerce, and the Business Roundtable.

Thanks to new technology in the oil industry, U.S. crude oil production has doubled since 2008, according to the Committee on Energy and Commerce. Production has been so successful that the U.S. Energy Information Agency has estimated the United States will not need to import any oil at all by 2037.

The legislation will next enter the Senate, where Republican leaders must secure 60 votes to beat back any filibusters and pass the measure, much less override a presidential veto.

"Unfortunately, and predictably, the Obama Administration has threatened to veto this bipartisan bill once it passes the House and the Senate," said. Rep. Brian Babin, who represents Texas's 36th congressional district, which includes Orange County. " I believe that if he vetoes this bill, we will override it."