WASHINGTON, DC -The Subcommittee on Energy and Power has scheduled a markup for Thursday, Sept. 10, 2015, at 10:00 a.m. in room 2123 of the Rayburn House Office Building to consider H.R. 702, “to adapt to changing crude oil market conditions." This week’s vote continues the committee’s work on lifting the 40-year-old ban on crude oil exports.
Energy and Commerce Committee Chairman Fred Upton and Energy and Power Subcommittee Chairman Ed Whitfield commented, “We’ve flipped the script on energy. Our newfound abundance has been a game changer, making President Ford’s oil export ban obsolete. The benefits of lifting the ban are many - it would boost domestic energy production, create jobs, and improve our energy security. We can also help our allies around the globe who are desperately seeking a safe and secure supply of energy. We have taken a thoughtful approach to reconsidering oil exports, and the time to lift the ban is now."
H.R. 702 was introduced by Chairman Emeritus Joe Barton (R-TX) and would eliminate the 40-year old ban on crude oil exports. “It’s past time for America to embrace our energy abundance. For too long, 1970s-era restrictions have prohibited most exports of American crude oil. It’s a win for the consumer, a win for the producer and a win for America’s strategic interests. America is a leading producer in oil production and Thursday’s markup is an important step in ending the decades-old ban on oil exports. It’s a win for the consumer, a win for job creators and a win for America’s strategic interests." said Barton.
An electronic copy of H.R. 702 can be found on the Energy and Commerce Committee’s website here. A background memo, amendments, and votes will be available at the same link as they are posted.
