Tomorrow morning, the House of Representatives will take up H.R. 702, a bill introduced by Representative Joe Barton (R-TX-6) that would end the 40 year old ban on the exportation of crude oil. This afternoon Representative Kevin Cramer (R-ND-AL) along with Rep. Barton, other cosponsors, and industry leaders convened a press conference to draw more attention to the bill before the vote. It was announced during the press conference that the bill has enough support to pass through the House without problem, leaving the Senate with the job to send the H.R. 702 to President Obama's desk. The press conference comes just a day after the President released a statement of intent to veto the bill should Congress pass it. Opponents worry lifting the ban will increase energy, specifically gasoline, prices as well as support the continued reliance on fossil fuels globally. Conversely, lifting the ban on exports would have immediate impacts on the economy, lead to both short and long term job growth, and contribute to increased national security for the U.S. Additionally, according to experts lifting the export ban should not lead to higher gas prices as they are set against a global rather than national index. IMA-NA supports the passage of H.R. 702 and was in attendance at the press conference. If Rep. Barton's count is correct after tomorrow the U.S. will be one step closer to removing the, no longer necessary, ban on crude oil exports.
To read H.R. 702 click here.
To read the President's stance on H.R. 702 click here.
** Update ** The House passed H.R. 702 this afternoon (10/9) by a vote of 261 -159.