The U.S. House Energy and Commerce Committee yesterday voted to advance a bill repealing the ban on crude oil exports from the United States. TCC members strongly support this legislation, and advocated for repeal of the ban in a letter to the Texas congressional delegation last month. The letter points out that “the oil export embargo is particularly relevant to Texas. Texas contains approximately one-third of the total U.S. crude oil reserves and is the leading crude oil producer in the nation. It has played a central role in the energy revolution of the last decade, in which oil production in the United States increased by more than 80% (since 2007) to 9.5 million barrels per day.
The abundance of oil resulting from increased production has fundamentally changed the United States’ position in the world energy market, but the law has not kept up.” Read the full letter here.