Congressman Michael McCaul introduced H.R. 4349, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. from being competitive with other oil exporting nations.
McCaul said, "Most of America's crude oil production is taking place underneath the feet of Texans in the Eagle Ford Shale and the Permian Basin. Lifting the outdated ban on crude oil exports will result in more production, create new jobs at home and boost America's energy security while providing countries like Ukraine with a dependable supply alternative to energy imports from countries like Russia."
According to McCaul, the Crude Oil Export Act will repeal the 1970s era ban on crude oil exports; maintain a ban on crude oil exports to any country that is subject to U.S. trade restrictions, sanctions or that the President or Congress has designated as subject to exclusion for national security reasons; and allow the President to impose a ban on the export of crude oil for up to 90 days during a period of national emergency unless Congress passes a joint resolution of disapproval.
Major advancements in drilling and extraction technologies have spurred crude oil production in recent years in the Unites States. This, combined with similar advancements in the development of other domestic energy resources, such as natural gas, is allowing the U.S. to reclaim its position as a net energy exporter for the first time since 1949. Currently the U.S. is on pace to outstrip Russia and Saudi Arabia as the world's top exporter of oil and natural gas.