Support is Gaining for US Oil Exports
For more than four decades the United States (US) has maintained a ban on international crude oil exports from domestic producers. But with global oil prices in turmoil and the Organization of Petroleum Exporting Countries (OPEC) pumping oil at a three-year high, some US stakeholders are considering a change to alter the global oil export profile. The Senate Energy and National Resources Committee recently passed a bill to lift the oil-export ban. The Senate is expected to vote on the bill after it returns in September from August recess.
The measure has gained considerable support from Republican members of Congress. After the Senate Energy Committee passed the bill, Speaker of the House John Boehner (R – OH) came out in support with plans to pass a companion bill in the House in September. The oil and gas industry has also come out to support international exports. To date, environmental activists have raised the most opposition.