House votes to lift crude oil export ban

By: | Published: October 10, 2015 11:22 AM

The Republican-controlled US House of Representative has passed a bill to lift a 40-year long ban on crude oil exports, raising the possibility of a confrontation with the White House which has threatened to veto it.

oil pricesThe Republican-controlled US House of Representative has passed a bill to lift a 40-year long ban on crude oil exports, raising the possibility of a confrontation with the White House which has threatened to veto it. (Reuters)

The Republican-controlled US House of Representative has passed a bill to lift a 40-year long ban on crude oil exports, raising the possibility of a confrontation with the White House which has threatened to veto it.

Lawmakers voted 261-159 to lift the ban Congress first put in place after the 1970s Arab oil embargo that sent domestic gasoline prices skyrocketing.

Republican leadership argued that this would bring thousands of new jobs in the United States.

“It would boost America’s influence around the world and help our friends and allies. I hope President Obama and Senate Democrats will work with us and do the right thing for our country,” House Speaker John Boehner said.

Arguing that it “is not needed at this time”, the White House has threatened to veto the bill.

Energy Secretary Ernest Moniz told a Congressional hearing this week that impact of lifting the ban would be limited.

The Congress should instead “be focusing its efforts on supporting our transition to a low-carbon economy”, the White House said.

However, House Majority Leader Kevin McCarthy said, “Today, the House took prudent action to lift the crude oil export ban and in turn, pave the way for job creation, lower gasoline prices, and a stronger geo-political standing. This bill will make America and its allies more secure.”

“We are the only developed country that bans crude oil exports. It makes no sense. Lifting this ban benefits American families by creating jobs and lowering gas prices,” said Congressman Ed Royce, Chairman of the House Foreign Affairs Committee.

“It also improves US national security by giving our allies the option to purchase crude oil from the US instead of being forced to buy from countries like Russia, Iran, and Venezuela,” he said.

Debate on the issue now shifts to the Senate, where the measure faces steep hurdles to passage.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition