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Thursday, October 8, 2015

White House Threatens to Veto Bill Ending Oil Export Ban

From TheHill:
The Obama administration has formally threatened a veto on a House bill that would lift the federal ban on crude oil exports.

In a statement of administration policy, the Office of Management and Budget said that “legislation to remove crude export restrictions is not needed at this time.”

“Rather, Congress should be focusing its efforts on supporting our transition to a low-carbon economy,” the statement said. It added that instead of pushing crude oil exports, Congress should focus on “supporting our transition to a low-carbon economy.” 
“It could do this through a variety of measures, including ending the billions of dollars a year in federal subsidies provided to oil companies and instead investing in wind, solar, energy efficiency, and other clean technologies to meet America's energy needs.” 
Obama spokesman Josh Earnest said last month that the White House opposed a House push to lift the export ban, saying the Commerce Department already has the right to approve some crude oil exports.
Click here to read that whole article.

The American Petroleum Institute expressed its disappointment with the lack of support the bill is receiving from the Obama administration:
“Even experts within the administration recognize that free trade in oil could benefit American consumers and create U.S. jobs,” said API Executive Vice President Louis Finkel, citing reports by the U.S. Energy Information Administration and other agencies. “Given the benefits for U.S. families and workers, it’s hard to imagine why the administration would reject bipartisan efforts to unlock America’s potential as an energy superpower even as it pushes for a deal to lift the oil embargo on Iran.

“When it comes to energy policy, America is faced with a lack of leadership. In its statement, the administration chose to put politics ahead of American consumers and American jobs. The result is that U.S. producers must sit by and watch as the White House gives Iranian oil producers access to world markets, while Canadian producers are kept away from the U.S. market while they wait for approval of the Keystone pipeline. The White House’s own 2015 National Security Strategy confirms the importance of America’s energy renaissance to the security of our allies.

“This is a missed opportunity to demonstrate true leadership while creating U.S. jobs and saving consumers’ money. This administration needs to reexamine their priorities and work with a bipartisan coalition in Congress on legislation that would help to secure America’s energy leadership for generations to come. 
“There’s no question that outdated laws are standing in the way of U.S. growth. The Commerce Department has failed to approve significant exports, and self-imposed sanctions remain in place. Lawmakers are simply updating the law to reflect that 1970s-era restrictions don’t make economic sense in an era of U.S. energy abundance. Both the House and Senate proposals preserve the administration’s authority to limit exports should it ever be necessary.”
Read the whole API statement by clicking here. 

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