Washington, D.C. – Today, Congressman Rouzer released the statement below following the bipartisan passage of H.R. 702, a bill to lift the ban on crude oil exports which was established in 1975 as a response to the Arab oil embargo.
“Our nation is in desperate need of generating as many good-paying jobs as possible. Lifting this decades old ban will boost our domestic energy supply, create an estimated 12,000 new jobs in North Carolina, help lower gas prices and increase our energy security while weakening countries like Iran and Russia who rely on oil as a political and economic weapon. This bill is a win for American workers, businesses and trade.”
H.R. 702 would repeal certain restrictions on the export of domestically produced crude oil and would prohibit any federal official from imposing or enforcing such restrictions. This bill will also strengthen the 60-Ship Maritime Security Fleet assuring our country will have the commercial sealift capability to support and supply American troops during conflicts and emergencies overseas. This is vital to our ability to respond to any immediate need for supplies and food critical to our troops.
The nonpartisan Congressional Budget Office estimates that H.R. 702 would cut mandatory spending by $1.4 billion over the 2016-2025 period. According to the Government Accountability Office, H.R. 702 will lower gasoline prices by 1.5 to 13 cents per gallon, and will create an estimated 294,000 additional U.S. jobs over the 2016-2030 period.
H.R. 702 passed the House by a 261-159 vote.