“By making American energy available to the world market, we also will help our allies abroad diversify their resources and enhance their security,” Cornyn said. “Lifting the antiquated ban is a win-win, and I applaud the bipartisan support for this pro-growth policy.”
On Tuesday evening, the US House of Representatives introduced new tax and spending legislation, which included measures to lift the decades-long ban, that will fund the government through the year of 2016.
Cornyn added that the US economy would benefit from overturning the ban as the step will open new markets for job creation.
US President Barack Obama previously threatened to veto any legislation that would allow oil export ban repeal. Obama stated such a move would contradict US policy that seeks to reduce fossil fuel consumption.
The United States could produce up to 20 million barrels of oil per day in contrast to the present 9 million barrels per day, according to Congressman Joe Barton, who sponsored the bill.