On October 9th, the U.S. House of Representatives voted to approve legislation to modernize U.S. crude oil export policies and end the 1970s-era prohibition on exporting crude oil. Commenting after the vote, PESA President Leslie Shockley Beyer said that “PESA member companies in the service and supply sector have played key roles leading the innovation and efficiencies that shaped the U.S. position as an energy leader. Our nation now needs a crude oil export policy that will reflect our leadership role.”
House Speaker John Boehner stated that “Today’s vote shows there is bipartisan agreement that modernizing our energy policy in this way will increase workers’ incomes and benefit their families, create jobs, lower gas prices, and strengthen our economy.” After the vote, Boehner issued a press release where he thanked PESA and other industry groups for their work in support of passing the bill.
Next Step: The U.S. Senate
It is anticipated that the U.S. Senate will take action on the export bill sometime before the end of the month. However, President Obama has issued a veto threat against the legislation, meaning that final action on this issue may have to wait until the end of the year.