Friday, December 18, 2015

House Majority Leader Rep. Kevin McCarthy: lifting the ban on exporting oil allows producers to search for new markets as Iran enters the global energy market

 House Majority Leader Rep. Kevin McCarthy gives us his weekly view from Capitol Hill. In his words:

 "Over forty years ago, the United States responded to an oil supply crisis driven by Iran and the
Middle East by instituting a ban on American exports of crude oil. The reasoning was simple: given the conventional wisdom that oil was a resource of limited supply, any discovery of it in the U.S. should be kept within our borders for the use and benefit of our economy. With this acknowledgment we were essentially bracing for a world without oil.

 "But like so many other instances, American ingenuity rejected this belief.  The advent of innovative techniques and technologies that uncovered and extracted newly found oil and gas has reshaped America’s energy future into a world leader. A game changer.

"A focal point of this influence continues to be right here in Kern County.  Our ties to the black gold that powers our way of life run deep. This is why my commitment to a strong American oil and gas portfolio is steadfast.  I believe that greater times of prosperity in this country can only be achieved if we have the energy to achieve it.

"So while the U.S. has flexed its energy muscle to the world (and quite impressively so) the economics have been a boon to consumers but is placing our producers and the communities they support in perilous times. Unfortunately, our community is not exempt from these conditions.

 "Given the economic situation, the domestic abundance, and the reentry of Iran to global marketplace thanks to Obama’s dangerous nuclear pact, the most obvious policy response was to lift the relic that is the ban on crude exports. In doing so our producers can search for new markets while offering our allies a reliable trading partner and limiting the influence the Iranian regime can impose on the world.

 "This week, Congress successfully lifted the ban on oil exports, which the President is expected to sign into law. This decision signals to the world and our communities that Congress ready to do all that it can to support a strong energy future and stronger communities.

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