Lawmakers have agreed to lift the four-decade-old ban on crude oil exports as part of a spending and tax package announced by congressional leadership on Tuesday night, according to a GOP lawmaker.
In exchange, Republicans agreed to extend a series of expired or expiring renewable energy tax breaks. Both the wind production tax credit and the solar investment tax credit won five-year extensions in the tax and spending package unveiled on Tuesday, the GOP lawmaker said.
Lifting the crude oil ban was a key goal for Republicans, who have said American oil producers should have expanded access to the international market at a time of low prices and new competition from Iranian oil. [more]
The House passed legislation authorizing widespread crude exports on Friday, delivering a major victory to energy companies lobbying for the freedom to sell oil around the world.
But their success may be short-lived, because getting the trade policy change through the House was actually the easy part. The real test is in the narrowly divided Senate, where stand-alone export legislation is unlikely to advance and supporters are mulling an array of strategies — and potential deals — to advance their cause some other way.
In the 261-159 House vote Friday, 26 Democrats joined 235 Republicans to support the legislation, which would undo 40-year-old trade restrictions that block most raw, unprocessed U.S. crude from being sold outside the country. Nine Democrats abstained. [more]
All of this means that what we're doing in Pennsylvania to get energy out of the ground is essential to creating good, high-paying jobs, restarting our factories and making America even more competitive. Over 240,000 Pennsylvanians are working in jobs tied to natural gas production, and homeowners are saving on average $1,200 a year in lower energy bills compared to 2008.
Recent declines in oil and gas prices have curtailed investment in the energy sector. Sure enough, that has hit businesses and workers. However, we don't need to take that situation as a given, as something outside of our control. [full story]
After an up-and-mostly-down year for oil prices, the oil and natural gas industry is set over the next year to benefit from recovering prices and industry activity, Continental Resources CEO Harold Hamm said Monday.
"I think we're at the bottom of this pricing situation," he said.
Despite the country's oil and natural gas producers mothballing 56 percent of their drilling rigs since November, domestic production still has been higher than expected. Over the past few months, however, production has slowed. [more]
A House subcommittee voted Thursday to lift the 40-year-old restriction on exporting crude oil, moving the legislation a significant step toward passage.
Before approving the measure by voice vote, Republicans on the Energy and Commerce subcommittee on energy and power said the bill would bring wide-ranging benefits to United States consumers and workers while benefitting the country’s allies abroad.
Democrats objected to the bill, but most signaled a willingness to negotiate on the policy to protect interests that they said could be hurt by the change.
Over the past year, oil exports have become a top priority for Republicans and the oil industry, reeling from a global glut of oil that has brought prices to their lowest point in years. [more]