The FINANCIAL -- The introduction of bipartisan legislation to lift the ban on crude oil exports in the U.S. Senate is further evidence of continued momentum to change this outdated policy, according to the U.S. Chamber's Institute for 21st Century Energy.
U.S. Senators Lisa Murkowski (R-AK) and Heidi Heitkamp (D-ND) on May 13 introduced the "Energy Supply and Distribution Act of 2015," which would lift the ban on crude oil exports and comes on the heels of House legislation with the same goal.
"Representing energy states, Senators Murkowski and Heitkamp understand the incredible opportunities for America's economy and security that could come with lifting the ban on oil exports," said Karen Harbert, president and CEO of the U.S. Chamber's Institute for 21st Century Energy. "The ban is a 1970s era relic that does not reflect America's energy abundance nor the economic and geopolitical realities of today's world. We appreciate the senators leadership and look forward to working with all members of Congress to remove the export ban."
Studies have shown that lifting the ban on oil exports will lower the price of gasoline by as much as $5.8 billion per year, create an additional 394,000 jobs, add $1.3 trillion to the federal Treasury by 2030 and $239 per year in disposable income to American households.
"Not only is lifting the ban on crude oil exports good for America's economy, it could also calm world oil markets," Harbert said. "Exporting U.S. crude oil will ensure steady U.S. production and further inoculate our country from unstable and unfriendly nations."
The Chamber also signed on to a letter supporting the bill sent by the Independent Petroleum Association of America, U.S. Oil and Gas Association, Producers for American Crude Oil Exports, American Exploration and Petroleum Council and American Petroleum Institute.
The mission of the U.S. Chamber of Commerce's Institute for 21st Century Energy is to unify policymakers, regulators, business leaders, and the American public behind a common sense energy strategy to help keep America secure, prosperous, and clean. Through policy development, education, and advocacy, the Institute is building support for meaningful action at the local, state, national, and international levels.