WASHINGTON, D.C.—Today the House passed with Congressman Poe’s support H.R. 702, which would repeal the statutory ban that directs the President to restrict the exports of crude oil. It also requires the Department of Energy to conduct a study on the size composition and purpose of the Strategic Petroleum Reserve.
“In the recent nuclear deal with Iran, the Obama Administration agreed to lift the sanctions on Iranian crude oil exports. Lifting sanctions will boost the Iranian economy. Meanwhile, the White House continues to impose a crude oil export ban here at home, and threatening to veto any Congressional action to lift it. The United States is the largest crude oil producer in the world. But this oil lays stagnant in the ground, unable to be sold to markets that are eager to buy because the Federal Government will not let us export it. This ban hurts our economy. Thousands of oil industry workers have been laid off. Half the drilling rigs in Texas have been shut down. Exporting U.S. crude oil will lower gas prices, increase American jobs and strengthen our national security. It’s time to give America the same deal as Iran.”