Turn to the nation's most objective and informative daily environmental news resource to learn how the United States and key players around the world are responding to the environmental...
By Mark Drajem and Ari Natter
Sept. 2 — Congress is set to begin consideration of a measure to lift the decades-old ban on U.S. crude exports after a government study concluded the move wouldn’t raise gasoline prices for consumers, people familiar with the plan said.
A panel in the House of Representatives is planning to vote on a measure to lift the ban, which dates back to the Arab oil embargo of the 1970s, as early as next week, according to three lobbyists working on the matter, who asked not to be named because the markup hasn’t been announced yet.
The full House may vote on it later in September, leaving ahead the more difficult task of gaining enough support for repeal in the Senate, they said. The Senate Energy and Natural Resources Committee approved a bill to lift the ban on crude oil exports in late July.
Repealing the ban has gained new potency as hydraulic fracturing has triggered a boom in domestic oil production, making the U.S. the world’s top producer. Oil companies such as Exxon Mobil Corp. have called for its end, while some refiners say that lifting the ban would lead them to pay more for crude.
“What we’ve seen is a shift in the views of policymakers and the American public,” said Louis Finkel, executive vice president for government affairs at the Washington-based American Petroleum Institute, an industry group that supports lifting the ban. “Every day that goes by, bipartisan support for this grows.”
A spokesman for the House Energy and Commerce Committee said he didn’t have any scheduling information to share. The committee hasn’t announced a subcommittee markup on the measure.
Oil companies including Continental Resources Inc. and ConocoPhillips have spent a year pressing Congress to change the export policy. They have bandied about a series of economic analyses concluding that ending the restrictions won’t mean a spike in gasoline prices for consumers.
The latest report came Sept. 1 from the Energy Information Administration, the last in a series of analyses from the independent government agency. It said that lifting the ban would boost U.S. production and cut the spread between domestic and global light crude, while gasoline prices at the pump would either be unchanged or slightly lower.
To contact the editor responsible for this story: Jon Morgan at firstname.lastname@example.org
©2015 Bloomberg L.P. All rights reserved. Used with permission
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)