H.R. 702: Bipartisan Bill to #LiftTheBan That Will Help Promote National Security and Energy Security
Authored by Rep. Joe Barton (R-TX)
BACKGROUND – H.R. 702, To adapt to changing crude oil market conditions
The ban on crude oil exports was put in place in 1975 in response to the Arab oil embargo. The export ban is a relic of the past that is harming our economy. The U.S. is now one of the leading producers of oil in the world, benefiting American workers and lowering the price at the pump. In order to keep domestic energy production and jobs growing strong, our energy policy must be updated to reflect 21st century realities.
Lifting the ban on exports has broad bipartisan support. The Energy Information Administration, think tanks across the political spectrum, and respected academic institutions like Harvard University, all agree that lifting the ban on exports would likely boost our energy production, create thousands of jobs, lower gasoline prices, increase our energy security, and weaken countries like Iran and Russia, who use oil as a political weapon. The president has entered into an agreement with the Iranians to export oil, and the U.S. should not be put at a competitive disadvantage.
Lifting the ban on exports and directing some of the profits from federal oil and gas leases to improve our military’s strategic sealift and global response capability would enhance our energy security and national security even further.
H.R. 702 would:
· Lift the decades old ban on crude oil exports;
· Generate $1.4 billion in profits to the federal government over the next 10 years from oil and gas leases, according to CBO;
· Lower gasoline prices by 1.5 to 13 cents per gallon according to the Government Accountability Office;
· Support up to 964,000 additional U.S. jobs according to IHS;
· Allow the U.S. to help our allies, enhance our energy security, and weaken OPEC and Russia’s monopoly power; and
· Strengthen the 60-Ship Maritime Security Fleet, assuring United States flag ships and crews will be available to support the military in defense of our nation and allies.