Oil Exports Bad for Eagle Ford
Railroad Commission Chairman David Porter joined Governor Abbott and other Texas legislators to urge the federal government to lift the ban on oil exports.
Related:Heitkamp Urges Repeal of Oil Export Ban
At a hearing before the U.S. Agriculture Committee this week, Porter testified to the immediate need for Congress to lift the ban on the archaic and outdated policy and made the case that keeping the 40 year old law is bad for Texas and the whole economy.
Related: Oil Export Ban Hurts Eagle Ford
“Technological advancements have allowed U.S. producers to tap new sources of oil and natural gas from shale formations, including from the Permian Basin and Eagle Ford in Texas. Development of our shale resources has been a game-changer and presents the US with the opportunity to be the world’s largest producer of both oil and natural gas.”
Highlights of Porter’s testimony to lift export ban:
- Increase production resulting in new jobs, economic growth, increased state and federal revenue. U.S. GDP would increase by $38.1 billion in 2020 and every state and congressional district would also benefit from increased oil production due to the expansive supply chain it supports.
- Consumers would save money at the pump
- Enhance free trade and lower the U.S. trade deficit
- Strengthen our national security
Read the full testimony at rrc.state.tx.us