Among its many, many other provisions, the 2,009 page bill will lift a 40 year old ban on the export of crude oil from the U.S.
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The bill will allow USA producers to export light, sweet crude to worldwide markets and could provide an incentive to boost production when oil prices recover.
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“Now that we have leveled the playing field, the United States finally has an opportunity to compete and realise our nation’s full potential as a global energy super power”.
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The ban, which was first passed in response to the energy crisis of the 1970s, blocks the exports of most raw, unprocessed crude, but allows foreign sales of refined petroleum products such as gasoline and diesel. Lifting this ban will help put downward pressure on gas prices, create jobs, grow our economy and lower our trade deficit.
House Majority Whip and U.S. Rep. Steve Scalise, R-Metairie, is citing studies that say lifting the ban would create some 5,400 new jobs in the state, as the omnibus bill that holds the end to the ban wends its way through the congressional process this week.
Low oil prices have increased the urgency for Congress to lift the ban, according to John Hess, chief executive of American oil company Hess Corporation.
The benefit of lifting the ban is likely to been seen in the long term, when the market recovers.
“It is a budget that, as I insisted, invests in our military and our middle class without ideological divisions that would have weakened Wall Street reform or rules on big polluters”, Obama said at his year-end press conference at the White House. That lessens the possibility that sending USA oil into the world market would hurt the US economy or endanger its national security. Senate Democrat Heide Heitkamp of oil rich North Dakota said the deal also includes a five-year extension of wind and solar energy production tax credits.
In Title I, Section 101 of the more than 2000-page Consolidated Appropriations Act, 2016, the proposed legislation explicitly repeals Section 103 of the Energy Policy and Conservation Act, which has required that the president prohibit the export of crude oil except in limited circumstances. Most forecasts indicate that domestic oil production will rise later in the decade as prices and demand rise, though forecasts vary on the specifics of the recovery.
Republican presidential candidate Chris Christie welcomed the decision to lift ban on oil export.
USA oil exports are “not going to happen Monday, but within a week or two, you’re going to see contracts be developed and a system come into place”, Representative Joe Barton, a Texas Republican and the House’s chief advocate for ending the export restrictions, said in an interview Thursday.
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“There is a lot to be said, pro and con, about this agreement”, said Democratic Senator Barbara Boxer in a statement.
