Joining energy industry executives
Slowly but surely, political leaders from both sides of the aisle are joining energy industry executives to support repealing the Energy Policy and Conservation Act of 1975 , which currently bans the export of U.S. crude oil. This law made sense 40 years ago, after a six-month OPEC oil embargo resulted in gasoline scarcity and an economic disaster.
But we don’t live in that world anymore — domestic oil and gas production is booming, with no shortage in sight. I agree with Sen. Mary L. Landrieu, D-La., when she said that in the 1970s, we had to reserve the oil that we had, when no one else was shipping to us. Now that we have more open trade opportunities, and we are producing more here, it makes absolute perfect sense to reconsider this policy and update it according to the times.
Furthermore, in-line with the thinking that it’s simply outdated policy, Rep. Joe L. Barton, R-Texas, correctly points out that he’s in favor of lifting the ban because the shale revolution has changed the energy landscape in our country.
But repealing isn’t a no-brainer for everyone. Sen. Lisa Murkowski, R-Alaska, explains there are still an awful lot of people who remember the gasoline lines we had in 1973. You’ve got to convince with the facts — we can operate as a nation of abundance.
Indeed, a growing number of lawmakers have been convinced. In addition to Landrieu, Barton and Murkowski — who are some of the most outspoken advocates of lifting the crude oil export ban — fellow House representatives and senators from Illinois, Texas, Oklahoma, Arizona, Ohio, South Carolina and Alaska have added their support. And oil and gas industry leaders — such as Harold Hamm, CEO of Continental Resources Inc.; Ben van Beurden, CEO of Royal Dutch Shell; and Rex Tillerson, CEO of Exxon Mobil — are right there with them.