Monday, October 19, 2015
Graves: Ban on oil exports must be lifted
America is an energy-rich nation that acts like an energy-poor nation. Radical policies have prevented us from taking advantage of all the natural resources at our disposal, forcing us to rely on countries like Russia and Iran. That has to change.
As you may know, the US placed a ban on oil exports in 1975, in response to the Arab oil embargo. Today that ban simply does not make sense, especially when we have the ability to be one of the world's leading producers of oil. Earlier this month, I helped pass a bill that brings this outdated policy to the 21st century.
Lifting the ban on oil exports will create an estimated 394,000 new American jobs. It will also lower prices at the pump by as much as 13 cents each gallon, saving each American thousands of dollars per year.
Our enemies should never be able to use oil as a political weapon. America has the resources to be a global energy power. It is time we start acting that way.