U.S. Rep. Mike Conaway wants to repeal the 40-year ban on American oil exports. (Photo: Texas Tribune)
Representatives in both the Texas house and in Washington want to end the 40-year ban on U.S. oil exports, a policy developed in the 70s in response to the wildly fluctuating energy market. However, some elected officials feel that policy is outdated and is slowing America’s economic growth. Considering low oil prices and the price per gallon of gasoline just now reaching more that $2.50 since its precipitous decline last fall, Midland and Odessa could certainly benefit from an expanded oil and gas market.
U.S. Rep. Mike Conaway (R-Midland) with U.S. Rep. Henry Cuellar (D-Laredo) have filed HR 2369, the Energy Supply and Distribution Act, according to the Midland Reporter-Telegram. It’s a bill that would do away with the ban on oil and gas exports. An Alaskan Senator has filed a companion bill that will do the same.
Oil and gas firms pretty much unanimously support the legislation, and a Texas Senate resolution gives a resounding “amen” to the proposed repeal, too.