Ken Buck Votes to Lift Crude Oil Export Ban
FOR IMMEDIATE RELEASE
CONTACT: Kyle Huwa, 202-225-4676
Washington, D.C. – Today Congressman Ken Buck voted for H.R. 702, a bill that lifts the ban on crude oil exports. The ban, enacted in 1975, was initially a response to the Arab oil embargo. Lifting the ban would lower prices at the pump by increasing world supply of oil, create jobs in the American crude oil industry, and bolster the nation’s national defense.
“I voted to end the ban on crude oil exports. It’s good for Colorado because we’ll create more jobs without raising the price of gas at the pump,” Congressman Buck stated. “President Obama thinks Iran should be allowed to export oil, so we should be allowed to export oil from Weld County too. Iran and Russia use their oil as a weapon to bully other nations. Exporting oil from the US counters their influence.”
Due to misaligned refining capabilities, the ban on U.S. export limits world supply of oil, causing higher than necessary prices at the pump. The GAO predicts that lifting the ban would lower gasoline prices by 1.5 to 13 cents per gallon. Moreover, the larger market created by lifting the ban would create more jobs in the crude oil extraction industry. The IHS believes that in 2018, nearly 1 million additional jobs could exist if the ban is lifted.