Texas Railroad Commission Chairman weighs in on the the congressional vote to repeal oil export ban.
Related:Oil Export Ban: No Fans in Texas
The U.S. House of Representatives Friday voted 261-159 to lift the 40-year-old Federal crude oil export ban. Though not enough votes to overturn a presidential veto, this is a good direction for many who have supported lifting the ban.
The export ban on all petroleum products was imposed during the 1970s as a way for the government to control prices during a time of scarcity. But times have changed and since 2008, U.S. crude oil output has increase by 81%. This record production is beginning to overtake the industry’s ability to economically process these growing volumes and producers and analysts are raising their voices to advocate for a repeal on the anachronistic law.
In July, Porter testified before the U.S. Agriculture Committee asking for Congress to immediately lift the ban on the outdated policy, arguing it is bad for Texas and the whole economy. IHS reported that lifting the export ban could create hundreds of thousands of additional U.S. jobs and add billions to the U.S. economy.
- Further increases in domestic oil production
- Lower gasoline prices
- 964,000 additional jobs
- Benefits to manufacturing and service-related sectors in every state
- Strengthening national security and America’s position in the world
Read more at rrc.state.tx.us