The 40-year ban on exporting American Oil to foreign nations was a response to the October 1973 OPEC oil embargo for the U.S. involvement in the Yom Kippur War.
Our reasons for the ban are long gone now that the U.S. has surplus oil production. We have lost 35,000 (6.5%) good paying petroleum related jobs from October to April according to the US Bureau of Labor. Finding more markets for our petroleum production seems like a reasonable idea.
On Friday, October 9, 2015 the House of Representatives, lead by our own Rep. Joe Barton, voted 261-159 with 26 Democrats joining to lift the 40-year old ban on U.S. exporting oil.
One of the criticism of lifting the ban from the Natural Resources Council was Lifting the Oil Export Ban is a giveaway to the oil industry that would undermine the progress our country is making to use more clean energy and fight climate change.
The U.S. and Texas in particular has some of the most stringent environmental controls in the world.
I had an opportunity to speak with Ryan Sitton, Texas Railroad Commission a few months ago. He has a degree in Mechanical Engineer and ran a 500 person oil and gas engineering firm. Mr. Sitton worked all over the world. Occording to Mr. Sitton’s experience, many OPEC producers have no concern for the environment. Environmental destruciton is not a concern.
If we are really concerned about the environment, wouldn’t it be better to produce petroleum in Texas where we have the world’s seond largest EPA?
President Barack Obama is threatening to veto the legislation. Maybe, but I am proud of our Rep. Joe Barton for bringing a little sanity to Washington, DC.
Posted by Bill Moist
Bill Moist is President and Founder of Professional Equities, Inc, a funder of real estate, oil & gas, and business projects. He also trains people how to take advantage of funding projects with Crowdfunding. Bill is a professional lecturer at Graduate Business Schools and professional organizations. In addtion he is a Texas Real Estate Broker, Certified Public Accountant, Master of Science real estate tax expert, and Investor/Developer with 70+ successful projects.
Sources: House Votes to end 40-year ban on sending American oil overseas, Star Telegram, by Sean Cockerham, October 9, 2015: US crude oil prices hit lowest since 2009, eliminating thouse of jobs, The Guardian, by Debbie Carlson, August 21, 2015; Commissioner Ryan Sitton, Railroad Commission of Texas, rrc.state.TX.US