Friday, October 9, 2015

House Passes Bill to End Crude Oil Export Ban

WASHINGTON, D.C. – Today, the U.S. House of Representatives passed H.R. 702, "To adapt to changing crude oil market conditions", by a bipartisan vote of 261-159. After passage of the bill, Congressman French Hill (AR-2) released the following statement:

“The ban on crude oil exports in this country is outdated and provides no benefit to America or our allies throughout the world, and I am proud of the House’s work to end it. Today’s bill takes a critical step towards boosting economic development, creating more jobs, and strengthening our national security objectives. We have the resources to supply our NATO allies with North American energy and mitigate the national security risks that come with dependency on Russian and Middle Eastern oil. Ending this ban is a win for economic security and a win for national security, and I urge the President to rethink his veto threat.”
Additional Information

According to recent reports from IHS Inc. and the American Petroleum Institute, lifting the U.S. ban on crude oil exports would support up to 964,000 jobs, decrease domestic gas prices by 3.8 cents per gallon, reduce the trade deficit by $22 billion, and by 2020, increase government revenues by $13.5 billion.

Additionally, the non-partisan Congressional Budget Office estimates that by enacting H.R. 702, government spending would be reduced by $1.4 billion over the next ten years.

Watch Rep. Hill’s floor statement in support of H.R. 702

Editor's Note: All members of the Arkansas delegation voted in favor of this bill.

Tags: U.S. house, passes, HR 702, end Crude Oil Export ban, To share or post to your site, click on "Post Link". This site is an Outreach of the ARRA News Service.

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