Cramer: House Votes to Repeal Crude Oil Export Ban

Statement

Congressman Kevin Cramer today joined a bi-partisan majority of the U.S. House of Representatives in passing legislation to repeal the current ban on exporting crude oil. H.R. 702 removes restrictions on exporting domestically produced crude oil by repealing section 103 of the Energy Policy and Conservation Act of 1975, relating to the authority of the President to restrict the export of coal, petroleum products, natural gas, or petrochemical feedstocks. Additionally, the bill would also increases funding for the Maritime Security Program.

Cramer is an original co-sponsor of the legislation and has long been an advocate for repealing the crude oil export ban. In addition to co-sponsoring H.R. 702, he is a co-sponsor of H.R. 2369, and H.R. 156. Both of these bills would also repeal the crude oil export ban.

The ban on exporting crude oil was put in place as a response to the oil embargo resulting from the Yom Kippur War in 1973. In the wake of the embargo, which resulted in dramatic increases in oil prices and massive gasoline shortages in the U.S., the Energy Policy and Conservation Act of 1975 (EPCA) was enacted to address shortages.

"It was 42 years ago this week that the Yom Kippur War broke out that led to U.S. aid to Israel which led to a 5 percent reduction out of OPEC of oil which led to the very issue we're talking about today," said Cramer. "That this historical context -- in a national security context -- is not irrelevant and that let's not let history repeat itself, but let's use the peaceful tools of energy development while creating jobs in America replace the weapons of war in Europe and the Middle East. Let's use our influence for good by selling this American made product -- produced by American workers. Let's do it in a bipartisan fashion today."

Congressman David Scott (D-GA) and Cramer both spoke in favor of final passage of the bill on the House floor today.

The recent shale energy revolution experienced in North Dakota and other regions of the country has dramatically increased domestic production of crude oil. According to the U.S. Energy Information Administration (EIA), domestic crude oil production exceeded 9.6 million barrels per day in April 2015. This is nearly double the daily domestic production amount in 2008.

Studies show lifting the ban will not lead to higher gasoline prices at the pump for American consumers. According to the EIA, the prices of gasoline and other petroleum based products would be unchanged or even be reduced with a repeal of the crude oil export ban. View the full EIA report here.

Cramer gave an extended speech on the House floor during Special Orders in favor of repealing the crude oil export ban.

Source