U.S. Rep. Steve Pearce issued the following statement on H.R. 702, a Bill to Adapt to Changing Crude Oil Market Conditions, which passed the House today by a vote of 261-159:
“The crude oil export ban was created during a time of oil scarcity,” said Pearce. “Thanks to hard working Americans in the oilfields across the country, oil production has surged over the last few years. Lifting the ban will help schools, hospitals, and local communities throughout our nation that benefit financially from oil production. It will create and preserve good-paying jobs in areas where unemployment is high. It will help our allies overseas that are begging for our oil for stability while hurting those that wish us harm. The American energy renaissance has given a huge boost to New Mexico’s economy as well as the American economy; we must make sure that producers are given a fair chance to continue to compete. I call on the President to support this strong bipartisan effort and support this bill.”
Background: Oil and gas represent the lifeblood of New Mexico’s economy: At least 69,000 jobs—9% of all employment—are tied to production. During the 1970’s and the Arab oil embargo, which ignited a U.S. energy crisis, Congress enacted laws prohibiting domestically-produced crude oil from being exported. Since that era, the president has had the statutory authority to single-handedly lift the ban; however, this needed executive action has not been taken. As a result, those 40-year old laws still in effect continue to block American exports. It is time to lift the destructive ban and deliver a win-win for the Nation and New Mexico.