White House Issues Veto Threat for US House Oil Export Bill

The White House issued a veto threat on Wednesday for a U.S. House of Representatives bill that would lift a ban on crude oil exports, saying the legislation was "not needed at this time."

Congress should instead cut subsidies for oil companies and invest in wind, solar and other renewable energy projects, the White House said in a statement about the bill, which is expected to face a vote in the House on Friday.