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    Lifting Crude Oil Export Ban to be ‘Win-Win’ for US, Allies - Senator

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    Senator John Cornyn said that United States and its partners will benefit from ending the 40-year-old ban on crude oil export.

    WASHINGTON (Sputnik) The United States and its partners will benefit from ending the 40-year-old ban on crude oil export, which would improve allies’ security and diversify their resources, US Senator John Cornyn said in a statement on Wednesday.

    “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.

    Related:

    As Crude Imports Rise Again, US Plans to Sell Off Strategic Oil Reserves
    US House of Representatives Votes to Repeal Crude Oil Export Ban
    US Senate Committee Votes to End US Crude Oil Exports Ban
    Tags:
    export, crude oil, John Cornyn, United States
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