Houston, Texas (17 September 2015) – Today, the full U.S. House Energy and Commerce Committee voted on H.R. 702, passing the bipartisan bill that seeks to end the U.S. export ban on crude oil. The legislation, introduced by Representative Joe Barton (R-Tex), will now be sent to the U.S. House Floor for a vote later this year.
“Lifting the export restrictions on crude oil will bolster growth for domestically produced oil and facilitate job creation,” said Stephen Colville, IADC President and CEO. “According to recent studies, lifting the ban would result in an average of 124,000 new jobs in the supply chain, contributing to 394,000 jobs in the greater economy through 2030. Particularly during a time of market uncertainty in the oil and gas industry, these job numbers are big, and meaningful. Combined with the expected addition of $26 billion to the GDP per year from the crude oil supply chain, these numbers provide a deeply compelling case for the US House to vote to lift the ban.”
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.