Crude Oil Export Ban

Floor Speech

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Mr. CORNYN. Mr. President, while the Senator from North Dakota is still here, let me just say that he gave a speech that I wish I could have given. I couldn't say it any better than he did, but I will just make one point as he is preparing to leave the floor.

Some people wonder why is it that the Texas economy is doing so well relative to the rest of the country. Last year, 2014, our economy grew at 5.2 percent. The U.S. economy grew at 2.2 percent. Now the fact that we are producing energy using the techniques the Senator from North Dakota talked about--fracking and horizontal drilling--fracking, by the way, has been around for 70 years or more--that has helped contribute to job creation and our economic growth. This is something we would like to see expand across the country.

We have been blessed, as has the Senator from North Dakota, with abundant natural resources. What we are asking to be able to do is to sell those to willing buyers overseas. Many of them are some of our closest allies, who are being terrorized by thugs such as Vladimir Putin, who uses energy as a weapon. Think about how powerful this would be in our national security toolbox to be able to sell natural gas and crude oil to some of our closest allies so they don't have to rely on people like Mr. Putin.

I congratulate the Senator from North Dakota, Mr. Hoeven, for his leadership on this issue. We have all worked together on it, and it has been a team effort, and we are close to getting it done.

The final point I want to make is that this is not just about energy- producing States, this is a net positive for the United States and for our allies abroad.

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Mr. CORNYN. I will be happy to.

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Mr. CORNYN. Mr. President, there is another benefit that spreads evenly among Americans, and that is low gasoline prices. The single driver for low gasoline prices is the supply of oil. Because of the abundant supply of oil due to innovation and these techniques the Senator from North Dakota talked about, oil prices are lower than they have been in a long time.

You can buy a gallon of gasoline in Texas for well under $2. I think I saw it as cheap as $1.80 or maybe lower than that in some places. That has a direct impact on the pocketbook of working families. That is another reason why this legislation needs to be passed on Friday of this week in the House and in the Senate. I thank the Senator from North Dakota for this brief discussion.

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