STATEMENT: TPA Urges Passage of Bill to Repeal Crude Oil Export Ban
October 9, 2015
The Taxpayers Protection Alliance (TPA) urges the House of Representatives to pass H.R.702, a bill to adapt to changing crude oil market conditions. The bipartisan legislation is being sponsored in the House by Rep. Joe Barton (R-Texas). This historic vote to repeal the ban on U.S. crude oil exports will be good for consumers and taxpayers. Banning exports of U.S. crude oil is bad policy that has been in place for 40 years. Lifting the ban will allow the nation to move towards a more secure energy and economic future. The ban prohibiting America from exporting its crude oil is often referred to as “outdated” and “impractical.” Simply put, this is an understatement. Changing this policy will foster free trade, a principle that is beneficial for both taxpayers and the whole economy.
An analysis conducted earlier this year found American crude oil exports could add 300,000 new jobs and increase America’s GDP by $20 billion as soon as 2020. In addition, the Government Accountability Office and Congressional Budget Office recently stated that allowing exports of American crude oil would result in diminished pressure on crude oil and gasoline prices, serving a big win for consumers.
It’s clear that everyday Americans will see the benefits of ending the ban on crude oil exports. This ban is restricting the expansion of the U.S. energy economy, which is thriving and delivering lower-cost energy to consumers.
We applaud the U.S. House for holding today’s vote and TPA urges the Senate to remember that a vote to repeal the ban is a vote to build a stronger and more internationally competitive America, for current and future generations.