Senate Committee Passes Repeal, House Expected To Pass Similar Measure
Efforts by oil producers to get the US to repeal the current ban on crude exports are progressing in Congress. Last week, the Senate Banking Committee in a 13-9 vote approved a measure sponsored by Sens. Heidi Heitkamp (D-ND) and Lisa Murkowski (R-AK) to lift the ban on crude exports, The Hill reported. Although Heitkamp was the only Democrat supporting the American Crude Oil Export Equality Act, other Democrats “left the door open to supporting some type of compromise legislation going forward, and have a wish list of proposals to attach to it.” For instance, Sen. Jon Tester (D-MT) “acknowledged that his state could reap some of the benefits of expanded oil production if crude exports are allowed,” and proposed “a final bill on the matter could be used as a vehicle for conservation or renewable energy policies, or that it should be merged into a broader energy package.” However, Sen. Joe Donnelly (D-IN) “said a final bill should address its impact on refinery workers and waterway operators.”
What Happens Next
Legislation to repeal the export ban faces an uncertain future. The Hill reported that in September the White House announced its opposition to repealing the ban, “and Heitkamp acknowledges that she is trying to craft a compromise to get the measure passed.” Meanwhile, Reuters reported that Sen. Pat Toomey (R-PA) added a measure to the bill mandating compensation to US victims of Iranian-supported terrorism, an addition Tester warned means “the bill is dead.” Despite potential difficulty with the Senate legislation, the New York Times reported that the “long-shot” effort by top executives of oil-extracting companies to end the US crude-export ban “has gathered considerable momentum,” with the House expecting to pass legislation this week.
What This Means For Small Businesses
Small businesses would benefit from the removal of restrictions on trade in the global economy. Small businesses should be able to sell their wares on the global market, and removing restrictions against doing so is good for businesses and the US economy as a whole.
Additional Reading
NFIB previously covered efforts to pass a repeal of the crude export ban.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.
