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Lifting the Crude Oil Ban

Floor Speech

Date: Oct. 8, 2015
Location: Washington, DC
Issues: Oil and Gas Government Operations Trade

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Mr. CARTER of Georgia. Mr. Speaker, I rise today in support of H.R. 702, to lift the outdated ban on U.S. crude oil exports.

This 40-year-old ban was enacted during the time of oil scarcity in the 1970s in an effort to preserve domestic oil reserves and discharge foreign imports. Today the ban is driving up the price at the pump while discouraging American energy independence.

The United States is now the largest oil producer in the world, producing more barrels per day than Saudi Arabia or Russia, but we cannot take full advantage of this strength without the ability to export crude oil as the boom in domestic oil production has surpassed the ability for our domestic refiners to process crude oil for export.

The ban on crude oil exports was created in reaction to market conditions at the time. These conditions no longer exist. While the President is opening up oil markets for Iran with a nuclear agreement, U.S. oil producers should have the same access to the global market.

It is time to lift the ban on crude oil exports. I urge my colleagues to support lifting the crude oil ban.

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