Published Date : Sep 16, 2015
On Thursday, a bill was endorsed by a key U.S. House committee regarding the lift on the four-decade old ban on the export of crude oil from the country. The bill is facing opposition from the White House but lawmakers are supporting it.
So far, the legislation, having seen approval from the House Energy and Commerce Committee, has sought the support of three more supporters to the earlier 28 Republicans supporting it. The White House is opposing the bill, and argues whether the decision to end the export ban should be taken by the Commerce Department of the country and not the Congress.
The lawmakers who are in support of the bill say that the current boom in the drilling of oil and gas makes the rule formed in 1970s obsolete.
Analysts, basing their opinion on many studies regarding the current situation and its effect on the export restriction, state that oil exports will lead to the formation of many new jobs in the country. Lifting the ban is also expected to boost energy production and reduce the prices at the gas pumps by leading to an increase in the overall crude supply, analysts say.
The parties who are opposing the bill argue that by lifting the ban would work in the benefit of big oil companies but at the expense of security of U.S. consumers as well as national resources. The United States still imports nearly 25% oil that is utilized by consumers and businesses, a number that is expected to rise if some of the oil produced by the country is diverted to international markets.
It is expected that the House will vote on the decision about the export ban by the end of this month.