GOP chairman warms to oil exports
The Hill
OIL EXPORTS? House Energy and Commerce Committee Chairman Fred Upton (R-Mich.) seemed to warm to oil exports Tuesday when he said lifting the current ban "can be a win."
Upton's comments at a subcommittee hearing are the most positive assessment he's given on the subject of ending the four-decade-old ban on shipping crude oil, but he stopped short of endorsing the proposal put forth by Rep. Joe Barton (R-Texas) among others.
"Oil exports can be a win for the American people and a win for our allies," Upton said.
"Economic and foreign policy experts across the political spectrum believe that expanding the markets for American oil would be a net jobs creator at home while enhancing our geopolitical influence abroad," he continued, explaining what he saw as potential economic and employment benefits.
As the tide has been turning toward exports in recent months among Republicans and some Democrats, Upton's been a key holdout. Opponents and oil refiners say exporting crude would increase oil and fuel prices domestically.
Upton's comments nonetheless made the oil industry happy and gave them hope that he'll fully endorse lifting the ban soon.
Read more here.
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Isn't it nice that we have so much extra oil we can gift petro CEOs with more profits by selling on the world market. So we can stop meddling in the Middle East now since we don't need their oil. Yippee!
