Buddy Carter, U.S. House of Representatives, Georgia First District

I supported legislation this week to bring an end to a forty year old ban on exports of U.S. crude oil.

This antiquated ban was enacted during a time of oil scarcity in the 1970’s in an effort to preserve domestic oil reserves and discourage foreign imports. Today, this ban is driving up the price at the pump while discouraging American energy independence and security.

America has the largest energy resource base in the world but we aren’t able to take advantage of it because our energy policy is stuck in the seventies. To make things worse, the Obama Administration is opening up oil markets for Iran with the nuclear deal while continuing to ban American exports and preventing job creation here at home. U.S. oil producers should have the same access to the global markets that the president is handing to the Iranian regime.

Lifting this ban will bring down the price at the pump while creating new jobs and new opportunities here at home. The nonpartisan Government Accountability Office projects lifting the ban could generate 1 million new jobs and reduce the cost of gas by 8 cents per gallon. An independent analysis by IHS found that allowing US oil exports would support an average of 400,000 jobs per year, generate an additional $1.3 trillion in government revenue through 2030, and add $265 billion in additional disposable income to every American household. It also gives us additional leverage around the world while weakening the power of other energy exporters like Russia, Iran, Venezuela, and Saudi Arabia.

It is time to lift the ban on crude oil exports and I am pleased the House passed this important legislation this week. I spoke on the House floor earlier this week in support of the legislation.