US House to Hold Hearing on Oil Export Ban
A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance. The House subcommittee on energy and power, chaired by Representative Ed Whitfield, will hone in on the 1975 Energy Policy and Conservation Act, drafted in response to the 1973 oil crisis. The law prohibited the export of most crude oil, created the Strategic Petroleum Reserve and Corporate Average Fuel Economy rules for cars and trucks, also known as CAFE standards.
Senator Says 2015 Could Be Time for US Oil Export Bill
The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction. "I think it may be timely then," Senator Lisa Murkowski, the top Republican on the Senate Energy Committee, told reporters on Thursday when asked if next year would be a good time for legislation. Lawmakers have avoided introducing a measure to lift the ban ahead of the Nov. 4 midterm elections amid concern that exporting oil could lead to higher gasoline prices. But the fuel prices are based on global markets and several recent studies from the Brookings Institute and other groups have shown that fuel prices would actually fall.
ExxonMobil Supports LNG Free Trade
Major oil company ExxonMobil supports export of US Liquefied Natural Gas (LNG) which it considers will benefit the whole economy. Technology developed by the oil and gas industry has opened up vast energy resources across the country, which has resulted in a tremendous increase in U.S. oil and natural gas production and reserves. This increase in production has created jobs, strengthened businesses and investment, and revitalized cities and regions across America, a trend which will likely continue to grow in coming years.
