House committee to vote on oil exports

2015年09月11日 投资美国石油俱乐部



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Resourse: FuelFix


WASHINGTON — A House subcommittee will vote on legislation to lift theoil exports ban on Thursday, launching a push to get the measure throughCongress this year.

The markup by the House Energy and Power Subcommittee will givelawmakers their first crack at amending the export bill, following months ofhearings on the wisdom of the 40-year-old trade restrictions.

The ban blocks most exports of raw U.S. crude but does not limitforeign sales of gasoline, diesel and other refined petroleum products.

In a statement announcing the business meeting, Rep. Fred Upton,R-Mich., described the oil export ban as “obsolete.”

Lifting it “would boost domestic energy production, create jobs andimprove our energy security,” said Upton, the chairman of the House Energy andCommerce Committee, and Rep. Ed Whitfield, R-Ky., who heads the energy andpower panel. “We have taken a thoughtful approach to reconsidering oil exports,and the time to lift the ban is now.”

Upton’s comments marked a more bullish posture by the MichiganRepublican, who has been reluctant to broadly endorse oil exports previously.In June, Upton had a more nuanced view, arguing the time had come to debate theoil trade restrictions — not necessarily to lift them.

Read more: Key House Republican backs oil exports debate

The export bill, sponsored by Rep. Joe Barton, R-Ennis, is championedby oil producers eager to sell their crude into a global market.

They argue the longstanding export restrictions have fostered apersistent discount for domestic oil, with United States’ benchmark crude, WestTexas Intermediate, trading about $5 to $6 per barrel less this year than itsinternational counterpart, Brent. Oil export advocates have said that discountcan make the difference between economic and non-economic production in someoil plays such as the Bakken formation.

But some refiners, including San Antonio’s Valero Energy Corp., arefighting to preserve the status quo. They have emphasized the political risksfor anyone voting to unlock exports, stressing the lawmakers could be blamedfor any later gasoline price spike, even if it isn’t related to a change inpolicy.

House Speaker John Boehner, R-Ohio, has signaled his intention for theHouse to vote on the issue this year. But it is not clear whether the chamber’saction will come in Barton’s stand-alone exports bill or if the exportprovisions will be folded into other legislation.

The chamber could actually do both — voting first on Barton’s bill andlater, voting on the same provisions embedded in broader legislation, such as ahighway bill.

If a House-passed highway bill included an exports provision and theSenate passed a version without matching oil language, the issue could benegotiated by a joint conference committee with members of both chambers.

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投资美国石油俱乐部

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