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Bravo to the House of Representatives for voting to end the 40-year-old ban on American oil exports:
The House on Friday approved a bill to lift the federal prohibition on crude oil exports.
Lawmakers voted 261-159 to end the 40-year-old crude oil export ban, arguing that the measure is necessary to help prop of the American oil industry by allowing its product to hit the world market.
Lifting the ban, supporters argued, will increase the global supply of oil and lead to lower gasoline prices for American consumers.
“This bill is a market-based bill: willing-buyer, willing-seller,” Rep. Joe Barton (R-Texas) said during floor debate on Friday.
“U.S. oil can go anywhere in the world if we allow it to. That is an economic asset, it is a military, strategic asset.”
“The ban on crude oil exports is a relic of the past that robs Americans of good jobs across the nation and handicaps our economy,” said Tom Donohue, president and CEO of the U.S. Chamber. “Lifting the ban will give America the same opportunity the administration proposes to give Iran and that every other oil producing nation in the world embraces—the opportunity to sell oil to the global market.”
“Lifting the ban on oil exports will boost our economy, create jobs, and strengthen our national security," said Karen Harbert, president and chief executive officer of the Institute for 21st Century Energy, at a press conference on Capitol Hill.
Here are three reasons to cheer the House vote.
1. It Will Create Jobs.
Allowing American energy companies to sell oil on the world market will stimulate investment in energy development and create jobs.
The Brookings Institution estimates 200,000 new jobs per year, the Aspen Institute predicts 630,000 more jobs by 2019, and IHS estimates 859,000 new jobs annually.
2. It Will Mean Economic Growth.
IHS estimates that lifting the ban will mean an increase of $86 billion - $170 billion annually in GDP from 2016 to 2030, while the Brookings Institution estimates that from 2015-2039, we could see as much as $1.8 trillion added to the economy.
3. It Will Lower Energy Prices.
We could see anywhere from $0.02 to $0.12 a gallon decrease in gas prices if the ban in lifted. One study by ICF International estimates consumers will “save up to $5.8 billion per year, on average, from 2015 to 2035 as a result of lowered prices on all petroleum products.”
“Today’s bipartisan vote in the House demonstrates continued momentum to lift the ban, and we urge the Senate to follow their lead,” Donohue said.
Then will see if the White House is willing to veto something that will be good for the economy.
Learn more about lifting the oil export ban.