House Repeals the Oil Export Ban...
Now to the senate. Hopefully, this repeal of the oil export ban will find its way through the Senate and somehow through the “anti-oil” clutches of the President. We just provided Iran an undeniable boost towards increased oil production and an imminent gain in market share. Why should we continue to bind the hands of the US oil producer in the same arena? If we don’t sell to the rest of the world, someone will.
It is not just the economy of the Midwest and Southern states (Houston, TX especially) who benefit from doing away with this prehistoric agreement. There is value in retaining some leverage with OPEC and other producers which is likely to be parlayed into political bargaining power.
Click here for an article on the passing of the bill by the House of Representatives.
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