“In fact, now that the president is allowing Iran to do it, it seems only sensible that we would”, Cramer said during an interview Thursday on the FOX Business Network’s “Varney & Co”.
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A few congressional Democrats have suggested their support hinges on pairing the oil exports bill with more support for renewable energy or possible new per-barrel taxes on crude production. “They see this as a job creating industry”.
“It is unfortunate that the White House fails to understand the national security and geopolitical benefits of lifting the ban on oil exports”, Sen.
Rep. Fred Upton, R-Mich., chairman of the House Energy and Commerce Committee, said times have changed and that USA policy should embrace a new reality of energy abundance.
But a White House veto threat earlier this week stiffened the resolve of a few Democrats who were under intense pressure to vote “aye”. Current policy “allows and promotes oil exports to strategically important allies, to places in the national interest… but now Big Oil wants free rein to ship natural resources to countries not in our national interest”. For instance, there are exceptions for oil shipments to Canada and a few crude extracted in California and Alaska.
Lujan Grisham, an Albuquerque Democrat, told the Journal that it makes economic sense to lift the ban. A few inland refineries that rely heavily on waterborne shipments of USA crude – which must be transported on U.S.-built and -flagged vessels – say they could pay more for domestic oil supplies than European competitors that are not obliged to follow US maritime and worker laws. Congress should focus on “supporting our transition to a low-carbon economy”, the White House said, while environmentalists believe ending the ban would encourage companies to drill more.
On Friday, the House votes on its version of the export ban repeal.
For instance, the group Producers for American Crude Oil Exports is airing commercials on cable news and digital channels in nine states, including Texas, specifically targeting Democrats viewed as potentially supportive.
During a House Rules Committee hearing on Wednesday, Rep. Bobby Rush (D-IL) revealed that he had been “in serious negotiations” with the bill’s sponsor, Rep. Joe Barton (R-TX), for the last two months.
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“Lifting the 40-year old ban on exporting crude oil does nothing to help the average American family, as it would only raise gas prices while lining the pockets of wealthy polluters”, the League of Conservation Voters said. The bill calls for the removal of all restrictions on the export of crude oil, claiming this “will provide domestic economic benefits, enhanced energy security, and flexibility in foreign diplomacy”.
