Obama Administration Reportedly Not Supporting Republicans’ Plan To Vote On Bill That Will Lift Ban On Crude Oil Exports
The House Republicans plan to vote on a bill lifting the ban on crude oil exports in the country, a move which reportedly runs contrary to the Obama administration's stand on the matter.
The Wall Street Journal forecasts on Tuesday that "the vote would please more than a dozen oil companies lobbying Congress, and if successful, it could rattle global oil markets facing volatility and lower prices."
The election is slated to take place on the last week of September, as per House Majority Leader Kevin McCarthy.
"If there was ever a time to lift the oil export ban, it's now," says McCarthy in his speech before the Houston-area Chamber of Commerce on Tuesday. "Lifting the oil-export ban will not only help our economy, it will also bolster our geopolitical standing."
Continental Resources Inc., ConocoPhillips, Marathon Oil Corp. and other oil companies have been raising the matter with Congress in the previous year, saying that allowing crude exports in the nation "would eliminate market distortions, streamline U.S. petroleum production and stimulate the domestic economy."
On the other hand, the White House is firm with its decision not to support the Republicans' decision to abolish the ban on crude oil exports in the US.
"This is a policy decision that is made over at the Commerce Department, and for that reason, we wouldn't support legislation like the one that's been put forward by Republicans," says White House spokesman Josh Earnest, according to CNBC's report on Tuesday.
On the same, the West Texas Intermediate crude [US oil] closes up at $44.59 per barrel amid crude exports ban.
The website adds that the WTI crude oil "rose more than $1 at the session high, hitting $45.03.Brent crude was up 40 cents at $47.80 a barrel on its October contract, which expires as front-month at Tuesday's settlement."
