This Thursday the House Subcommittee on Energy and Power will hold a hearing to examine H.R. 702, introduced by Congressman Joe Barton (R-Texas). H.R. 702 updates the outdated 40-year-old rules that ban the exporting of American crude oil. ATR supports this legislation and urges all members of the Energy and Commerce Committee, and the full House of Representatives to support this bill.
In recent years, American oil production has skyrocketed due to newly discovered shale reservoirs. Today, the US is the largest oil producer in the world, but outdated rules remain in place that prohibit American oil producers from competing in the global market.
H.R. 702 would remove out-dated restrictions on exporting crude oil and restore the ability of American companies to partake in the free market. By ending this restriction, countless international markets will be opened up to American companies, leading to strong economic growth and creating new jobs. In fact, a recent study found that lifting this ban could create hundreds of thousands of jobs, lower gas prices for American families ands strengthen US energy security.
This legislation will provide a much-needed update to a 40 year-old relic, help spur economic growth, and create hundreds of thousands of new jobs. It is past time Congress grants American oil producers the basic capability to participate in international commerce. ATR supports this important, common sense legislation and urges all members of the House to support and vote for this bill.