U.S. House Could Vote This Week On MSCI-Supported Effort To End Crude Export Ban
The U.S. House is scheduled to vote this week on H.R. 8, a comprehensive energy bill known as the “Architecture of Abundance.” According to the U.S. Energy and Commerce Committee, the committee that has jurisdiction over the bill, among other things, this legislation would:
- Promote natural gas pipeline development;
- Enhance grid reliability and security;
- Support energy and manufacturing workforce development; and
- Increase energy efficiency efforts at federal agencies.
As part of their debate, House members may vote on an amendment to repeal the United States’ ban on oil exports. As readers know, MSCI has been working over the last several months with its partners at the Energy Equipment and Infrastructure Alliance (EEIA) to repeal this ban. According to the EEIA, giving U.S. producers the ability to export crude oil would put up to 200 rigs back in operation producing two million more barrels per day, and in the process create up to 400,000 supply chain jobs, and produce over $40 billion of supply chain annual output, by 2018. Widespread employment and output gains would be felt in construction, equipment, materials and supplies, logistics, professional services and technology that support energy production, transportation and processing.
As a reminder, the House voted in October on standalone legislation (H.R. 702) to repeal the ban.
MSCI members are urged to call their representatives in the House to ask them to vote for H.R. 8 and to vote in favor of the amendment that would repeal the oil export ban if it comes up for a vote. To learn more about the effects of repealing the ban, please visit the EEIA website. It is not clear yet whether the Senate will consider H.R. 8, but MSCI and its partners at the EEIA continue to work to generate support in the Senate for repealing the ban.