Washington, D.C. – Today, U.S. Rep. Ed Royce (R-CA), Chairman of the House Foreign Affairs Committee, issued the following statement in support of House passage of H.R. 702, legislation that removes the nearly 40-year-old ban on crude oil exports.
On the legislation’s passage, Chairman Royce said:  “We are the only developed country that bans crude oil exports.  It makes no sense.  Lifting this ban benefits American families by creating jobs and lowering gas prices.  It also improves U.S. national security by giving our allies the option to purchase crude oil from the U.S. instead of being forced to buy from countries like Russia, Iran, and Venezuela.
“While the Administration lifts sanctions on Iranian crude oil, it fights to keep sanctions on American crude oil.   This is absurd.  Today’s legislation strengthens our global influence by reducing the coercive power of unfriendly countries and promoting our economic stability.”