US House Passes Bill to Lift Crude Oil Export Ban

  • Business & Finance

The U.S. House of Representatives on Friday approved the bill to lift the 40-year-old ban on crude exports, but the legislation faces an uphill battle in the Senate after President Barack Obama threatened to veto any measure that ends the ban.

The measure passed by a vote of 261 – 159, the House Energy and Commerce Committee said in a statement, adding that ”studies have shown that lifting the antiquated ban on crude oil exports would lower prices at the pump, support job growth, and strengthen America’s national security and geopolitical influence across the globe.”

American Petroleum Institute has welcomed the passing of this bipartisan legislation.

“Today’s vote starts us down the path to a new era of energy security, saving consumers billions and creating jobs across the country,” said API President and CEO Jack Gerard.

“American producers would be able to compete on a level playing field with countries like Iran and Russia, providing security to our allies and accelerating the energy revolution that has revitalized our economy.”

However, those against the bill claim that lifting of the ban will only benefit large oil companies.

“This bill is an unconscionable giveaway to Big Oil at the expense of American consumers,” said Florida Democrat Kathy Castor.

World Maritime News Staff

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