Houston, Texas (10 September 2015) – Today, the House Energy and Power Subcommittee in the U.S. House voted on H.R. 702, a bill that would end the export ban on crude oil imports. The bipartisan bill, which the Subcommittee passed, will now be before the full Energy and Commerce Committee for a vote. Once the legislation is passed in the full Committee it will be sent to the U.S. House Floor for a vote later this year.
In response, IADC President and CEO Stephen Colville said, “We are encouraged to see progress in repealing the ban on crude oil exports, as the economic benefits and job growth that would result in lifting the ban would be very impactful. It is understood that for every new oil production job created, three jobs in the supply chain and another six jobs in the broader economy are created. Recent IHS studies found that lifting the ban would result in an annual average of 124,000 new jobs in the supply chain, which contribute to the 394,000 jobs created economy-wide through 2030. Additionally, the crude oil supply chain would add $26 billion to the GDP per year and labor income would rise by more than $21 billion per year, on average. These are big, meaningful numbers, and at IADC we look forward to the continued dialogue about repealing this outdated regulation.”
Since 1940, the International Association of Drilling Contractors (IADC) has exclusively represented the worldwide oil and gas drilling industry. IADC’s mission is to catalyze improved performance for the drilling industry by enhancing operational integrity and championing better regulation to facilitate safer, cleaner and more efficient drilling operations worldwide. For more information, visit the IADC website at www.iadc.org.