The debate over whether the U.S. should lift its 40+ year ban on exporting crude oil rages on. This past week, major progress was made when the House Energy and Commerce Committee passed a bill to lift the ban that many feel is a major deterrent for the health of the U.S. economy. The bill will now be reviewed and voted on by the full House, and if it makes it through, will be examined by President Obama. The majority of those familiar with the issue believe Obama may be the biggest roadblock in terms of passing the bill.
The bill’s sponsor, Rep. Joe Barton of Texas believes, “If we don’t lift the restrictions on crude oil exports, we cannot utilize our strategic advantage in oil production.” Opponents of the ban believe it’s extremely dated and that the economic benefits of lifting it would drastically outweigh any cons. Those same opponents also believe that much has changed since 1975, when the initial ban was put into place, including the significant growth of the energy industry.
With a laundry list of other issues with the U.S. economy, foreign policy, and immigration, many speculate whether the ban will be lifted before the 2016 Presidential Election.