A Wednesday statement made by the US Office of Management & Budget said that Obama’s administration would oppose a bill that would lift of a ban on exporting crude oil.

White House against crude export bill

WASHINGTON DC, October 8, 2015 – A Wednesday statement made by the US Office of Management & Budget said that Obama’s administration would oppose a bill that would lift a ban on exporting crude oil. According to the statement, Congress should be instead concentrating on encouraging investment in renewable energy projects.

The HR 702 bill, sponsored by Texas Republican Joe Barton, proposes a lift to a four-decade old ban on selling fuel abroad and will go to vote in the House of Representatives on Friday. The bill is expected to pass the house, which is controlled by Republicans.

Oil companies that support repealing the ban say that the lift would help offset the excess of oil from the US shale revolution. Furthermore, it would allow the US to compete on the international oil and gas playing field.

Those who oppose the repeal claim that it would lead to increased drilling, harming the environment.

Read our latest insights on: