On Friday 9 October The House of Representatives voted to lift the ban on oil exports, despite threats of veto from the White House. Currently, the US produces approximately 9.3 million bpd.
Votes were in favour, 261-159, to lift ban that was first put in place in the 1970s. The vote saw 26 Democrats voting alongside the Republicans. Now, the bill will head to the Senate, where the outcome is uncertain.
“The passage of this legislation gets us one step closer to leveling the playing field so that domestic producers can compete in the global marketplace,” commented Dave Hager, Chief Executive of Devon Energy.
“This is a vote to level the playing field for US workers and businesses who should be allowed to compete against foreign oil suppliers like Iran and Russia,” added George Baker, Executive Director of the coalition of a number of oil companies, including Marathon Oil Corp., and Apache Corp.