U.S. House Lifting Ban on Oil Exports Called “Putin’s Worst Nightmare”

Imagine American-made energy coursing through a stronger U.S. economy and flowing to our allies around the world - in Ukraine, Europe and the Baltic states. This is Putin’s worst nightmare and a dream for the millions of Americans still looking for good paying jobs.

Friday the U.S. House took the first critical step to making this dream a reality by repealing the outdated, 40-year old ban on selling American-made energy to the world. So now the question becomes: Where does the Senate and President Obama stand - with America or with Russia?

Background: H.R. 702 amends the Energy Policy and Conservation Act to repeal authority to restrict the export of: coal, petroleum products, natural gas, or petrochemical feedstocks; and supplies of materials or equipment necessary to maintain or further exploration, production, refining, or transportation of energy supplies, or for the construction or maintenance of energy facilities within the United States.

The bill prohibits any federal official from imposing or enforcing any restriction on the export of crude oil and requires the Secretary of Energy to study and make recommendations on the appropriate size, composition, and purpose of the Strategic Petroleum Reserve.