WASHINGTON, DC - Energy and Commerce Committee Chairman Fred Upton (R-MI) issued the follow statement after the White House issued a veto threat of Rep. Joe Barton’s H.R.702, legislation that would lift the 40-year-old ban on crude oil exports:
“While the administration claims to support an all-of-the-above energy policy, their actions don’t match the rhetoric. Study-after-study has shown that lifting the ban on crude oil would lower prices at the pump, support the creation of an average of 394,000 jobs and generate hundreds of millions of dollars in economic benefits. CBO estimates that H.R. 702 would boost royalty payments from federal oil and gas leases, reducing the budget deficit by $1.4 billion. After nearly 40 years, it’s time to lift the ban."
