US House bill would repeal oil export ban

USA

WASHINGTON, September 11, 2015 – An energy panel in the US House of Representatives has advanced a bill that would repeal the country’s oil export ban. This would be the first step in overturning it since it was instated in 1975.

The House’s Energy and Commerce Committee subcommittee approved the bill on Friday, and should it go through the full committee, it would likely pass in the Republican-led House. The bill has 135 co-sponsors in the 435-member house, who argue that it would provide jobs and give global allies diversified supplies.

The US Senate had put forward a similar bill to end the export ban on July 30. It failed to gain traction though, as it would need support from six Democrats to get the required 60 delegates to pass.

The US banned oil exports in 1975 in reaction to the Saudi oil embargo. The aim was to reduce dependence on foreign oil, though experts disagree on whether it was effective or not. Throughout the early 1980s, imports dropped, but they rose until the early 2000s.

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