Congressman Earl L. “Buddy” Carter (Ga-01) today voted to bring an end to a forty year old ban on exports of crude oil. Instituted in the 1970s in the wake of the Arab oil embargo, the ban is largely credited with driving up gas prices at home and discouraging American energy independence.
“This outdated ban is driving up the price at the pump while limiting our ability to harness America’s energy potential,” said Carter. “America has the largest energy resource base in the world but we aren’t able to take advantage of it because our energy policy is stuck in the seventies. Lifting this ban will bring down gas prices while creating new jobs and new opportunities here at home. It also gives us additional leverage around the world while weakening the power of other energy exporters like Russia, Iran, Venezuela, and Saudi Arabia.”
The nonpartisan Government Accountability Office projects lifting the ban could generate 1 million new jobs and reduce the cost of gas by 8 cents per gallon. An independent analysis by IHS found that allowing US oil exports would support an average of 400,000 jobs per year, generate an additional $1.3 trillion in government revenue through 2030, and add $265 billion in additional disposable income to every American household.
Carter recently spoke on the floor of the United States House of Representatives in support of this legislation. To view or download Carter’s speech, please click here.