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Sourse: Pennenergy
WASHINGTON (AP) — Defying a White House veto threat, theRepublican-controlled House on Friday approved a bill to lift a 40-year-oldU.S. ban on crude oil exports.
The House approved the bill on a 261-159 vote. Supporters said anongoing boom in oil and gas drilling has made the 1970s-era restrictionsobsolete. Lifting the export ban would lower prices at the pump, create jobsand boost the economy, said House Speaker John Boehner.
"In my view, America's energy boom has the potential to reset theeconomic foundation of our economy and improve our standing around theworld," Boehner said.
Rep. Fred Upton chairman of the House Energy and Commerce Committee,said times have changed and that U.S. policy should embrace a new reality ofenergy abundance.
While the Obama administration "claims to support anall-of-the-above energy policy, their actions don't match the rhetoric,"Upton said.
The White House called the bill unnecessary and argued that a decisionon whether to end the ban should be made by the Commerce secretary.
Opponents said the bill would mainly benefit big oil companies.
"This bill is an unconscionable giveaway to Big Oil at the expenseof American consumers," said Rep. Kathy Castor, a Florida Democrat.
Selling U.S. oil to foreign markets will result in higher gas prices atthe pump and ultimately benefit China and other economic rivals, Castor said.
Rep. Jan Schakowsky, an Illinois Democrat, said the bill is not neededas long as U.S. continues to import millions of barrels of oil every day.
"Every barrel exported by this bill will have to be replaced by abarrel of imported oil," she said.
The measure now goes to the Senate, where its fate is uncertain.
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