Congressional Republicans are leading a bipartisan effort to lift a decades-old ban on oil exports, arguing the recent surge in domestic-energy production and other factors have pushed the embargo past its prime.
To be sure, the United States has recently emerged as the world’s largest energy producer -- largely the result of the relatively new method of extracting natural gas and hard-to-get oil known as “fracking.”
Supporters of the plan, including many in the oil and gas industry, essentially argue that lifting the ban would help the U.S. economy. They say it is now slowing future energy production and exploration and that U.S. companies could profit from getting an abundance of domestic energy products on world markets.
“I’m optimistic about our efforts,” North Dakota GOP Rep. Kevin Cramer told FoxNews.com on Wednesday. “We have bipartisan support and a broad understanding of the issue among members.”
More: www.foxnews.com
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.