MOSCOW (Sputnik) — Earlier in the day, the House of Representatives introduced new tax and spending legislation, which included measures to lift the decades-long ban, that would fund the government through the year of 2016.
US President Barack Obama previously threatened to veto the legislation, stating that was not the time to repeal the oil export ban. Obama argued such a move would contradict US policy that seeks to reduce the consumption of fossil fuels.
The United States could produce up to 20 million barrels per day in contrast to the present 9 million barrels per day, according to Congressman Joe Barton, who sponsored the bill.
