McCaul Introduces Bill Lifting Ban on Crude Oil Exports

Jan 8, 2015
Press Release

McCaul Introduces Bill Lifting Ban on Crude Oil Exports

WASHINGTON, DC – On Monday, the first day of the 114th Congress, Congressman Michael McCaul (R-TX) introduced H.R. 156, the Crude Oil Export Act, which lifts the 1970s era prohibition on the export of American crude oil and would remove the major remaining barrier that keeps the U.S. From being competitive with other oil exporting nations. The bill is cosponsored by Rep. Jeff Duncan (R-SC), Rep. Ted Poe (R-TX), and Rep. Jim Bridenstine (R-OK) and was originally introduced in the 113th Congress.

McCaul: "Most of America's crude oil production is taking place underneath the feet of Texans in the Eagle Ford Shale and the Permian Basin. With gas prices continuing to drop, exporting crude oil becomes even more important to the U.S. economy. Lifting the outdated ban on crude oil exports will result in more production, create new jobs at home and boost America's energy security while giving us a powerful new foreign policy tool.  Ending self-imposed energy trade restrictions should be a top priority of the new Congress." 

The Crude Oil Export Act will:

  • Repeal the 1970s era ban on crude oil exports;
  • Maintain a ban on crude oil exports to any country that is subject to U.S. trade restrictions, sanctions or that the President or Congress has designated as subject to exclusion for national security reasons;
  • Allow the President to impose a ban on the export of crude oil for up to 90 days during a period of national emergency unless Congress passes a joint resolution of disapproval.

Major advancements in drilling and extraction technologies have spurred crude oil production in recent years in the Unites States. This, combined with similar advancements in the development of other domestic energy resources, such as natural gas, is allowing the U.S. to reclaim its position as a net energy exporter for the first time since 1949.  Currently the U.S. is on pace to outstrip Russia and Saudi Arabia as the world's top exporter of oil and natural gas.

A one pager on The Crude Oil Export Act can be found here