In a big win for America’s energy workers, manufacturers, consumers, and our allies, Congress this week will vote to lift the decades-long ban on oil exports. It is “the most important change in U.S. oil policy in more than a generation.” How important? Take a look at the numbers:
- It has been 40 years since the ban was implemented in 1975 amid the Arab oil embargo and petroleum shortages. In just the past few years alone, we’ve lost 80,000 U.S. jobs because oil producers have been forced to scale back their rigs by nearly 60 percent.
- Lifting the ban would create an estimated 1 million American jobs in nearly all 50 states within a matter of years, and it would add $170 billion annually to our GDP. In fact, according to a study by IHS Energy, for every one job created in the oil and gas sector, six jobs are created in the broader economy.
- U.S. producers would generate more than 1 million barrels daily, which means more American jobs and greater economic competitiveness in the global marketplace. which means higher wages for hardworking Americans and greater economic competitiveness in the in the global marketplace.
- Lifting the ban will also increase overall energy supplies, which will directly benefit consumers. According to the Government Accountability Office, consumer gas prices here at home could drop as much as 13 cents per gallon so families can save more at the pump.
- It was just 70 days ago that the White House threatened to veto legislation lifting this ban. Soon, it will be a reality, and another step toward building a Confident America where we maximize – not squander – our energy renaissance.
Read the text of the omnibus bill.