The House Energy and Commerce Committee of the U.S. House of Representatives voted 31-19 on Sept. 17 to advance bipartisan legislation that would end the 40-year-old ban on exporting domestically produced crude oil.
Titled “To Adapt to Changing Crude Oil Market Conditions,” H.R. 702 was introduced by Chairman Emeritus Rep. Joe Barton (R-Texas) and Rep. Henry Cuellar (D-Texas) and is expected to be considered by the full House later this month.
Republicans think the bill would benefit the U.S. economy and jobs. Rep. Barton said the ban on exporting crude oil imposes an estimated $200 billion to $600 billion cost to the U.S. economy, while discouraging crude oil production, preventing job creation and pushing up gasoline prices.
Democrats largely contested the bill, however, arguing that it would threaten energy prices. Reps. Gene Green (Texas), Kurt Schrader (Ore.) and Toyn Cardenas (Calif.) were the only Democrats who voted in favor of the measure.
The President is expected to threaten to veto the bill.
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