As a result of lifting the 40-year old ban on exporting American crude oil in 2015, historic amounts of U.S. oil are now being exported to foreign nations – to the detriment of American consumers. U.S. crude oil exports reached more than three million barrels per day in June 2019, even as the U.S. was importing nearly one million barrels of crude oil and petroleum products per day on a net basis. Advocates claim it makes no sense to deploy our military to Saudi Arabia to protect their oil, while we continue to export our own oil overseas. They say the oil industry is selling U.S. oil to the highest foreign bidder even as we import millions of barrels of oil every day from nations around the world in unstable regions. Industry critics claim the repeal of the oil export ban wasn’t about helping consumers at the pump, it was only about pumping up Big Oil’s profits. They say America shouldn’t be both importing and exporting millions of barrels of oil a day, costing consumers more to fill their gas tank, and wasting precious resources and time while furthering America’s dependence on oil.
The Ukraine War and interruptions in the supply of Russian oil have resulted in high energy costs to most of the world. Oil export critics say we can no longer afford to sell our oil to other countries.
Pending Legislation: S.1707 - BAN Fossil Fuel Exports Act
Sponsor: Sen. Edward Markey (MA)
Status: Senate Committee on Banking, Housing, and Urban Affairs
Chair: Sen. Sherrod Brown (OH)
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