Washington, D.C. – Congressman Frank Lucas (R-Okla.) today voted to pass H.R. 702, a bill which would lift the 40 year old ban on exporting crude oil from our country. This legislation comes at a time when oil production in the United States has reached historical highs. Lucas, a cosponsor of the legislation, released the following statement upon the bill’s passage:
“America is currently one of the top global energy producers in the world, and it’s time for us to recognize that. We should be looking for ways to take advantage of our domestic energy production, rather than stifling it through misguided government intervention. Lifting this outdated ban benefits several facets of our economy, from drivers paying less at the pump to the revitalization of rural communities who play a major role in American energy production,” said Lucas.
“It’s disturbing that while the president is content with allowing Iran to enter the global energy market, the United States still faces a domestic ban on the export of oil produced in our own country. In fact, many of our allies would likely prefer to import oil from us rather than more volatile nations. This legislation today simply helps recognize that Russia, Venezuela and the Middle East aren’t the only relevant oil producing nations in the world, and that our country – driven by hardworking and dedicated individuals – ought to be leading the way in energy.”
The crude oil export ban was enacted in 1975 as a response to the Arab oil embargo. H.R. 702, which passed by a vote of 261- 159, effectively ends this ban.
According to the Congressional Budget Office (CBO), the legislation would generate $1.4 billion in profits to the federal government over the next 10 years through oil and gas leases. The Government Accountability Office (GAO) also anticipates the legislation would help lower gas prices by 1.5 to 13 cents per gallon.
Oklahoma is one of the primary states driving our country’s energy boom. The American Petroleum Institute (API) found that over 2,500 businesses throughout Oklahoma play a role in the oil and gas industry, which supports roughly 364,300 jobs state-wide.